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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
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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Reviews & Ratings

4.4 / 5 (Based on 120 Reviews)
(Showing Newest 10 reviews)
Virendra
Bokaro, July 26, 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, July 26, 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, July 26, 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, July 26, 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, July 26, 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, July 26, 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, July 26, 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, July 26, 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, July 26, 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, June 09, 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.

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