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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:The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in
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Reviews & Ratings

4.7 / 5 (Based on 99 Reviews)
(Showing Newest 10 reviews)
Surendra
Delhi, February 05, 2025
Good Price
I had purchased Bajaj Allianz home insurance, and when there was damage to home equipment due to an electric spark, these damages were covered by the insurance. Got insurance at a good price.
Naresh
Muzaffarnagar, February 02, 2025
Best Deal
I never thought home insurance could be affordable. With Policybazaar, I could compare multiple insurance plans on a single platform. I am glad I got the best insurance plan at a very good deal.
Nalin
Begusarai, January 30, 2025
Easy Renewal
I renewed my home insurance through Policybazaar. Initially, I was unsatisfied with my previous insurer, but my experience with Policybazaar has been good. Very satisfied with their services.
Abhimanyu
Gridi, January 29, 2025
Good Experience
PolicyBazaar has made comparing policies easy, and its agent explained the features clearly. Really happy with my experience of getting a home insurance policy.
Prateek
Patna, January 27, 2025
Expenses Covered
With HDFC ERGO home insurance, I could cover my expenses when our building caught fire. Luckily, no one was hurt.
Dhruv
Jamshedpu, January 24, 2025
Easy Process
Thank you, Policybazaar, for helping me to get the claim approved for my home insurance. Your process was very easy.
Vihan
Etawa, January 21, 2025
Big Help
I had purchased a new flat by taking a home loan. However, after paying the second EMI, there were some issues with the water pipeline, and it burst. The house's walls were damaged, and home insurance through Policybazaar helped me get a claim for my loss.
Ishaan
Lucknow, January 20, 2025
Stress-free process
Exploring different home insurance options felt overwhelming, but PolicyBazaar simplified everything. Their platform helped me compare plans quickly. The team answered all my queries, making the process stress-free.
Kshitiz
Lucknow, January 18, 2025
Easy Process
Thank you, Policybazaar, for helping me to get the claim approved for my home insurance. Your process was very easy.
Rahul
Patna, January 17, 2025
Stress-free process
Exploring different home insurance options felt overwhelming, but PolicyBazaar simplified everything. Their platform helped me compare plans quickly. The team answered all my queries, making the process stress-free.
  • 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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