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Why Should You Review Your Home Insurance Cover Every Year?

Most of us underestimate a home insurance policy, but it is one of the important insurance policies that not only homeowners but the renters can have. This is because it also offers coverage for home contents and as a tenant, you can cover the valuable items kept at your home. Home insurance provides coverage against loss and damages caused because of fire and various other natural disasters. If you opt for an add-on cover along with your basic home insurance plan, then you will be able to get wider coverage as per your needs. According to experts, there are many things that you must review in your home insurance policy including the add-on cover.

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Some experts say that add-on covers or rider benefits help you to get coverage for additional areas where your home insurance plan is unable to work. Some add-ons are a must to have as certain things that are not covered in a basic home insurance plan. However, before opting for an add-on cover, make sure it is as per your requirements and circumstances and it must add value to your home insurance coverage.

Home insurance
Home insurance

Why Should You Review Your Home Insurance Policy Every Year?

Even though it is not legally required to have a home insurance plan but experts say that it is a good decision to have a home insurance policy. This is because it provides coverage against damage or loss to your home at an affordable price.

We all must know that a home insurance policy that is sold along with a home loan provides coverage for the structure of the home only. It does not provide coverage for home contents. So, essentially it is a fire insurance policy and not a comprehensive home insurance plan. Appropriate disclosure of all the contents of the home and their correct value is essential otherwise at the time of claim, the insurance will pay far lesser than the actual price.

In addition to this, it is suggested to check whether the breakdown insurance is included in your home insurance policy or not. If yes, then you must check the maximum age of the equipment that is covered in it. Once you have taken it for a year, you can claim the benefits throughout the year and you do not have to pay any extra charges until the policy expires.

So, this is the reason, a yearly review of your home insurance plan is recommended.

What Are the Things to Consider While Reviewing Your Home Insurance Plan?

You must evaluate all future issues or risks related to your home and then you can decide the coverage for it. From rains in Maharashtra, Karnataka, and Gujrat to floods in Bihar and cyclones in the Eastern Ghats of India, the year 2020 has seen a series of natural calamities.

A comprehensive home insurance plan can work as a help especially in case of natural disasters. You should be very particular about the sun insured and make sure that all your home contents are covered in your home insurance policy – according to some industry expert.

Home insurance

Summing It Up!

According to industry experts, a home insurance policy is most of the time underestimated by most people but it is one of the most essential contingency insurance plans that we should have. Not only owners but tenants can as well cover their valuable items and household contents. Most of the rider benefits or add-on covers are not covered in a home insurance plan. Therefore, it is recommended to get an add-on cover even though you will have to pay an additional premium for the same but it will be worth investing.

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Written By: PolicyBazaar - Updated: 01 October 2021
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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