Important Tips to Choose Right Home Insurance in India 2021

You have to invest a lot of time, energy, sweat, and money to build a home for yourself and your family. It is one of the biggest dreams in a person’s life hence it is also important to have a home insurance policy to safeguard your home in case of a natural calamity or a fire break out that can damage your property. Disasters like these can come unannounced at any time and exactly that is why protecting your home with a property insurance policy is necessary.

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There was a survey done by the Policybazaar after a series of low-intensity earthquakes jolted the Delhi-NCR in the second half of the year 2020. Policybazaar surveyed more than 11,000 insurance buyers. As a result of that survey, more than 42 percent of the people across India and Delhi considered purchasing home insurance, around 73 percent of people across India and 57 percent in Delhi have not even considered purchasing a home insurance policy.

The survey also revealed the reason, why people do not consider purchasing home insurance. It is because around 25 percent of the people in India and 28 percent of the people in NCR live in rented accommodation. However, 5 percent of the people in India and 10% of the NCR were confident that they do not require home insurance as their building can withstand a natural calamity.

The people who have started living in their own home recently and willing to purchase a home insurance plan should consider these important tips to choose the right plan.

Better Understanding of Policy

Buying the right home insurance policy can be a tedious task and people end up buying a plan that does not fulfill their needs due to the lack of information. Most of the time people take advice from their relatives or friends and purchase the policy without researching the plan. This leads them to purchase the wrong home insurance. So It is important to do thorough research and understand the specifics of the home insurance plan properly.

Research and Purchase Policy Online

For a better understanding of the policy, utilize the online purchasing option that is available for you. It would be beneficial for you to research the home insurance plan by yourself and check if it fulfills all your requirements and then make the purchase. You’ll realize that you’ve not only bought the right home insurance plan but also cost-effective insurance.

Window Shopping about Insurer Online

Once you understand your desired home insurance policy that fulfills your requirements, you should begin searching for a reputed insurance provider. Look at their home insurance policy that are available online. Check if that insurance provider matches your requirements, compare the policies online. Check the kind of coverage it provides, limitations, inclusions & exclusions, price, premiums etc. Then consult with the customer executive of the insurance provider then make the purchase.

Research Insurer

While researching about the desired home insurance plan, it is also advised to do thorough research about your insurance provider. If the insurer had to face any kind of financial problem due to any circumstances, it can hamper your claiming process as well as reimbursement. Look out for the financial background of your insurer, check their claim history and if the claims have been met by the insurer as promised. Also, check their claim settlement ratio which will help you choose the right insurance provider.

You Can Customize the Policy

After selecting the home insurance policy of your choice, you can customize your policy as the insurers also provide a wide range of add-ons. If you feel the need of including some riders (Add-ons) to cover more contents like jewellery, electronic items etc. The add-ons will also increase the premium rates of your policy as well as enable you to insure all your invaluable assets under one cover.

Wrapping up

If you value your assets then it is better that you protect them with an insurance plan. Home is one of the biggest assets and there are multiple home insurance policies available online. You can research, compare and customize a home insurance policy according to your needs. Do follow these important steps that will help you choose the right home insurance policy.

Written By: PolicyBazaar - Updated: 30 September 2021