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Important Tips to Choose the Right Home Insurance in India

You must have invested a lot of time, energy, sweat, and money to build your dream house. Hence, it becomes essential to have a home insurance policy to help you safeguard your home in case a natural calamity hits or a fire breaks out, which can damage your prized possession. In this article, you will learn all the vital tips for buying home insurance in India.

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7 Tips to Choose Right Home Insurance in India

Disasters come unannounced anytime and which is why protecting your home with a property insurance policy is necessary. A basic home insurance policy covers your home and its content against several unforeseen risks, including theft & burglary. Therefore, to purchase a home insurance plan, here are the following tips that you should keep in mind and get the best deal:

  1. 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. Therefore, it is important to do thorough research and understand the specifics of the home insurance plan properly.

  2. Research and Purchase Policy Online

    For a better understanding of the policy, utilize the online purchasing option that is available for you. You should first research the home insurance plan, check if it fulfils all your requirements, and then purchase.

    However, if you want to know an approximate home insurance premium for your building structure and its content, you can use the home insurance calculator provided by Policybazaar.com. With this tool, you will know the estimated premium amount and compare multiple home insurance quotes offered by the insurance companies. Based on your requirements and budget, you can find the right deal.

  3. Choose the Add-ons Wisely

    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 to include add-ons to cover valuable content. However, add-ons will also increase your policy's premium rates. Therefore, you must know your requirements first and then choose the add-ons accordingly.

  4. Check the Claim Settlement Ratio

    Another significant tip you can’t miss is to check the claim settlement ratio of the home insurance company before making any purchase from them. The CSR of the insurer will give a clear glance at how many claims they have settled or cleared within a year out of the number of claims they have received in a year.

  5. Fill the Information Correctly

    While buying property insurance, it is essential to provide correct information about the building structure, its type, and its content, for example- jewellery or carpet area details. Any false or incorrect information asked in the proposal form can lead to claim denial.

  6. Understand the Policy Exclusions

    Understanding your home insurance inclusions properly; likewise, you must understand the policy exclusions. Before paying the premium, know what is not covered, as it ensures a hassle-free claim settlement process. However, if there is any particular exclusion that you wish to have in your standard policy, you can get it covered with an add-on (if available). In addition, check the terms & conditions of the policy you wish to buy.

  7. Keep Required Documents Handy for Processing Claims

    While raising home insurance claims, you must have all the mandatory documents handy, such as FIR, repair bills, contractor invoices, etc. Ensure you have adequate evidence of the damages or loss, such as videos and pictures of the damaged property and its content.

Wrapping up!

If you value your assets, then it is better that you protect them with an insurance plan. Home is one of the most significant assets, and multiple home insurance policies are available online. You can research, compare and customize a home insurance policy according to your needs. Follow these essential tips to choose the right home insurance policy.

Written By: PolicyBazaar - Updated: 04 January 2024
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
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Bikaner, July 26, 2022
Natural Calamity cover
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Enough coverage
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Bareilly, July 26, 2022
Nice customer service
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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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