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A place, which you call home is one of the most important assets of yours. You put your hard-earned money, sweat, energy and time to build it. So, just like you get health insurance for yourself and your family, you should also buy a home insurance policy, so that you can insure your home from any natural calamity or any kind of mishappening.
Not to mention, you’ll require a thorough R&D before buying home insurance, especially to solve those questions you may encounter in your mind. So, in this article, we are going to tell you a few important things to ask or consider when buying a home insurance policy.
Let’s discuss a few things to consider while buying home insurance. Here you go:
The first and foremost thing you should know before purchasing a home insurance policy is the true value of your home. Whether you’ve built it recently or it is several years old, you should enquire about the circle rate of that particular plot from the development authority of that city.
Once you know the true value of your home, you’ll need to ask your insurer about the policy if you could get a policy at an affordable rate so that you won’t have to pay much from your pocket but get a better coverage.
The contents of the home are as important as the home itself. Every content of your home, from a television’s remote to your mobile phones, tablets or valuable jewelries, they are valuable as you have put your money into buying those items.
Don’t forget to ask your insurer before buying a home insurance policy, whether the plan you’re opting for covers all this or not.
Apart from the things included in the coverage of a particular home insurance policy, you should ask your insurer about the things it does not cover. There is a limit to the list of perils your insurance policy covers. There are some exclusions to be applied in a home insurance plan and they are as follows:
You never know what is going to happen in the next hour of your life. Burglary is something that happens all of a sudden and you should ask the insurer about the documentation required for the burglary claim.
The documents required for the burglary claim are as follows:
There are several factors that can affect the premium on your home insurance plan. Do consider the following factors:
Regular payment of premium is important in terms of availing policy benefits uninterruptedly. So, making all your doubts clear regarding premium is important. Remember that, in case you are not able to pay the premiums for a few months, the company is authorised enough to cancel your insurance policy but they can do it with an explanation within the specified time period. You can also challenge this decision if you’re not satisfied with their explanation or you have a genuine reason behind not being able to pay the premiums.
The non-renewal of a policy leads to zero coverage. Once it is confirmed, the insured is no longer covered by the company’s policy. So, if you don’t renew your home insurance policy, you’ll not be covered by the insurance company. Moreover, the policy also can be cancelled by the company in case you have made some serious misrepresentations or committed serious fraud while filling your application forms.
These are the few questions you should ask the insurer when buying a home Insurance policy. So, buy home insurance today and secure your pricey asset for tomorrow.