Guide to Evaluate Your Home Insurance Policy Online

Your home is one of the most valuable assets in which you invest the most your lifetime. While calculating the home insurance premium for your house, you must consider the value of its contents right. For a better understanding, we have penned down a guide on the evaluation of home insurance premiums.

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Why You Should Buy Home Insurance Policy?

Home insurance is one of the best ways to protect your home against any natural or man-made disasters, including forest fires, house fires, earthquakes, vandalism, burglary, etc. To protect you and your expensive possessions from any unfortunate and untimely events, you must purchase a home insurance policy.

Guide to Calculate Your Home Insurance Premium

To find the best home insurance company, firstly, you must understand all the parameters to calculate your home insurance premium. In case, you undervalue the assets of your home, this will affect your premium. Also, at the time of raising a claim towards any unwanted incident, you might have to bear additional losses.

To avoid this situation, you must calculate every factor that affects the premium cost. Below we have mentioned a few tips that you must follow to evaluate your home insurance policy online-

1. Valuation of Your Assets

The best thing to start with is to evaluate your home assets. You can commence this process by identifying the content available in every single room and analysing the cost of each item.

  • Living Room- You must check all the items available in your hall. The list might include many electronic items, like a television, refrigerator, etc. You must also add furniture, such as chairs, sofas, centre tables, TV stands, bookshelves, etc. At last, you must include upholstery, like curtains, tablecloths, cushions, carpets, etc.
  • Dining and Kitchen- This space includes items, like- crockeries, utensils, and electronic items like mixer, toaster, blender, mixer, etc. You must also add all the items of furniture fitted in these spaces.
  • Bedrooms and Bathrooms- These spaces of your house include all the heavy possessions like computers, laptops, documents, jewellery, and electronic items. Also, do not forget to add furniture and bathroom cabinets while evaluating the cost of home contents.
  • Outdoor Furniture- You must include all the outdoor furniture like garden furniture, extra chairs, etc. Usually, people tend to forget outdoor furniture while evaluating the costs of their assets.

During the evaluation process, remember to consider each bill and receipt to know the actual value of each asset. In case you have misplaced the bills, you can refer to the product catalogs to fetch their prices. Before sending the final list to your insurance company, revaluate the cost again.

Also, remember things like paintings, antiques, artworks, cash, etc., are usually not covered in your home insurance policy. Furthermore, you must use an online premium calculator available on the websites like Policybazaar.com.

2. Value of Building Structure

The value of the building structure means the reconstruction cost of the house and not its market value. Generally, the best home insurance company provides you with an optimum compensation amount for rebuilding the structure in case of any mishap.

To calculate the value of your building structure, follow this formula-

Built-up area of property x Construction rate per square feet’

3. Use a Home Insurance Premium Calculator

Many insurers provide home insurance premium calculators on their websites. You must follow the above steps first to know the reconstructing cost of your building structure and the contents of your home. Choose the home-ownership type between owned or rented property. You must fill in all the asked details related to your property. Moreover, do not forget whether you want to include theft cover or not because it will affect the premium amount.

Other Details Required for Home Insurance Premium Calculator

A premium calculator for home insurance requires a few other details according to the type of property, which are as follows-

  • For Owned Property- If you own a house, you must be updated with the information, like the age of the building structure, construction cost, value of the contents in the house, built-up area, and personal details of the owner.
  • For Rented Property- As a tenant, premium calculation of a rented property, you must know the value of the home contents and personal details.

4. Choose the Type of Plan

After calculating the premium, you have to decide the plan type you need. The home insurance coverage depends upon the items you are insuring. You can choose between the cover for the building structure or the cover for the valuable belongings. Moreover, there is a comprehensive cover, including both the home content and the building structure cover.

Final Thoughts

To insure your house with the best home insurance policy, you must know the kind of coverage you want. To help you with this, we have given a detailed guide in this article. Choose the right type of home insurance plan and add-on covers if you need them.

Written By: PolicyBazaar - Updated: 11 April 2022
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