Protect your home with Insurance @ just ₹9/month*
Compare and Save
Compare and save up to 28%**
Bank-approved policy copies
Bank-approved policy copies
No paperwork
No paperwork
Instant online policy issuance
Instant online policy issuance
Name

So that we know what to call you.

Name

We'll send your policy copy & important updates to this number.

View Free Quotes
What are you looking for?
View plans
By clicking on "" you agree to our Privacy Policy & Terms of Use
Get Updates on WhatsApp
Only Policybazaar certified experts will assist you

6 Things to Note Before Opting Home Insurance

We take the trouble to install alarms, locks and fire extinguishers but we rarely consider investing in home insurance. It is seen that high networth individuals usually invest in home insurance where the risks are bigger. However, one fails to realise that there is always the risk of losing precious belongings to fires, floods, earthquakes, vandalism and storms, which is why home insurance is an important and necessary investment for all.

Read more

Acquiring a home insurance plan is fairly easy, with a plethora of options available. There are a few factors you need to take into account before choosing which home insurance plan best suits your requirement. They are as follows:

1. Policies mainly cover your home and its valuables

A standard policy usually covers two main aspects – the structure, that is, your home and the content, those being your valuables and belongings. You should note that insurance policies cover your home for reconstruction costs and not for the market value of the house. The value of the reconstruction is calculated as per the built-up area and construction rate that is given by your insurer. This is to ensure that a fair cover is provided, should you need to claim insurance. The premium is also determined on the basis of location, as the cost of construction will differ, basis that.

When it comes to rented accommodation, you cannot insure a house taken on rent. You can however, insure your belongings. The sum assured for your belongings is usually calculated on the basis of their valuation. But in the case goods that have a value that depreciates with time, the sum assured will be determined after deducting the depreciation on the basis of the age of the item. You should make sure that you retain the bills of expensive purchases like a television or a refrigerator, so that it is easier to settle the claim at a later point. Note that policies do not cover stocks, bonds, cash or antique items.

There can also be claim limits depending on the type of item, and these limits differ from one insurer to another. You should ensure that you also consider the sub-limit on valuables, before settling for an insurance policy.

2. Upgrade the policy

Say you have bought an insurance policy, and thereafter, you have renovated your home. If you use expensive materials or flooring, you can choose to upgrade your policy, so that it reflects the actual value of your property and belongings. You can also extend the scope of the coverage if you feel like you need to include more components.                           

3. Select a plan considering all scenarios

Before purchasing a home insurance policy, you need to consider all possible outcomes you might be subjected to for which you would require cover. Furthermore, home insurance does not only compensate you for the money you can lose during an unfortunate calamity or accident. It can also compensate you for the repairing or renovating your home after the calamity. You should thus go for a specialized package and consider all the scenarios covered by it. You should also ensure that you take into account other factors like location so that if you live in a flood-prone area, for instance, your home insurance will safeguard you in the event of flooding during the monsoons. The premium paid in such cases, would be higher than the standard rate.

4. Determine the right coverage amount

While determining the policy coverage amount, you should take time to properly assess the value of your property and belongings. If the value of your property is under the sum assured, it is better than you being under-covered. If the coverage is low, the premium of course, would be low, but the purpose would not be served in the event that calamity strikes and the sum assured is less than the value of damaged property. You must also note that over-valuing your property might lead to complications at a later point, while claiming the amount.

Read More-: A Beginner’s Guide to Home Insurance

5. Identify the claim settlement ratio of the insurer

While opting for a home insurance policy, you should not be governed merely by the pricing. You should take into account, whether the insurer has a good claim settlement ratio as well. Conduct research on online forums and keep a look out for negative reviews or complaints by other customers. You should evaluate the kind of policies most people tend to go for, and take into account whether insurers provide premium discount rates as well.

6. Read the terms and conditions before signing

Often, we tend to get swayed by the many promises made by insurance agents and we opt for the insurance policy they recommend without reading it. Ensure that you read the fine print so that you can double-check the inclusions and exclusions. You should also ensure that your address is given properly in the insurance papers, and that the areas to be covered are mentioned in the policy. You should also make sure that only you or your family members fill up the form, only after you have carefully read it.

Though home insurance does not cover the wear and tear caused to your property due to the age of the building, it is still an important safeguard. Furthermore, if you’d like to get the best deal, it is recommended that you opt for a long-term policy like a 10 year policy as many discounts are provided upon renewal.

Written By: PolicyBazaar - Updated: 19 October 2024
Disclaimer:The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
Home Insurance Articles
Buying your dream house can be one of your most significant investments in life, for which you might avail of...Read more
21 Sep 2023 by Policybazaar 5825 Views
Purchasing a home is one of the most financially sound decisions one can make. Any decision taken in a hurry might...Read more
07 Feb 2024 by Policybazaar 1808 Views
Housing society insurance is a one-stop solution for all residential societies against unforeseen damage caused by...Read more
14 Feb 2024 by Policybazaar 1850 Views
Common Inclusions and Exclusions of Home Insurance Policy In India, several insurance companies are offering various...Read more
05 Apr 2022 by Policybazaar 2458 Views
Owning your dream house is one of the significant milestones in a lifetime. Remember, your home is not merely a...Read more
30 Jan 2024 by Policybazaar 1468 Views
Valuable Content Cover is an optional or add-on cover offered by...Read more
05 Jun 2024 by Policybazaar 646 Views
Personal Accident (PA) Cover is an add-on cover provided by...Read more
05 Jun 2024 by Policybazaar 494 Views
Loss of Rent (LOR) coverage is a significant feature of a home...Read more
09 May 2024 by Policybazaar 765 Views
A sum insured in home insurance refers to the maximum payout...Read more
18 Apr 2024 by Policybazaar 904 Views
In home insurance, it is essential to know the differences...Read more
16 Apr 2024 by Policybazaar 723 Views

Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Virendra
Bokaro, May 21, 2022
Coverage for natural calamity
I was looking for an insurance policy that provides me coverage for natural calamity. Since my house is located near a river and it floods my area in the rainy season. So i went on the Policybazaar website and particularly look for this coverage found the exact plan that provides this coverage.
Sunil
Bilaspur, May 20, 2022
Premium Calculation
I was looking for a home insurance policy online. I stumblled upon the Policybazaar website and it is one of the best online platforms to purchase home insurance policy. I learned about the insurance plan i wanted to purchase and after choosing the plan and add ons i could calculate the premium using their online premium calculator. Thanks Policybazaar.
Manish
Bikaner, May 19, 2022
Natural Calamity cover
I have recently purchased a flat and wanted to cover it with a home insurance policy. I was aware of the Policybazaar website so i thought i should give it a try. I went on their website and as i wanted to cover my flat with a natural calamity cover specifically i searched for it and without wasting a minute it showed me the natural calamity coverage.
Mohit
Amritsar, May 18, 2022
Enough coverage
I was looking for a home insurance plan online. I was fed up as i have to visit different websites to look for a single suitable insurance plan. However, i stumbbled upon Policybazaar website where i was able to find the right insurance plan that could provide me enough coverage.
Sahil
Bareilly, May 17, 2022
Nice customer service
I wanted to purchase a home insurance policy and a friend of mine suggested to purchase it from Policybazaar. I bought the policy and after that i had a confusion regarding exclusions so i called up Policybazaar customer care and they cleared out the confusion and i loved their customer service.
Jitendra
Ajmer, May 16, 2022
Qiuck claim
I purchased a home insurance policy recently. However, due to a natural calamity, my house was damaged as the pressure of the water because of flood broke the enterance door of my house. But the insurance plan that i bought got me covered and i as able to get the quickest claim possible.
Prashant
Delhi, May 15, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension free now.
Sharad
Kolkata, May 14, 2022
Wide coverage
The home insurance plan that i purchased from policybazaar's website is a great plan that provides me coverage for not only the structure but also cover several expensive content of the home such as paintings, mobile phones, laptops, television, etc.
Ravi
Ahmedabad, May 13, 2022
Suitable insurance plan
I purchased the group health insurance policy from Policybazaar website. First of all, i did not have to wander much online while lookig for a home insurance plan that fits my requirement and i found the suitbale home insurance plan by comparing different plans on the website.
Yashashvi
Amritsar, May 12, 2022
Natural calamities covered
I bought a home insurance policy recently. As i live near a river and in the rainy season, my area gets flooded so in order to protect my house and its contents, i purchased the insurance to get coverage for such natual calamities and i am tension-free now.
  • Disclaimers+

    #Savings of 28% are based on the comparison between the highest and lowest premiums for a pucca building with sum insured of >₹ 1 crore at Delhi, for property age less than 5 years and policy term of 11 years.

top