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Home Insurance Calculator

A home insurance calculator is an online tool that lets homeowners check the premium for a particular home insurance plan. This tool aims to find an estimated home insurance premium for buying a home insurance policy. Moreover, they can compare the premiums payable under various home insurance plans. Thus, the home insurance premium calculator is a tool that allows homeowners to know the amount of premium they are likely to pay to get their house and its contents insured.

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How to Use Home Insurance Premium Calculator?

A property insurance premium calculator is very easy to use. The process involves adherence to a few steps given below to get an estimate of the home insurance policy:

  • Step 1: Enter your house's estimated market value and the household items you want to insure.
  • Step 2: Enter the city of your house and select the policy term/duration.
  • Step 3: Click on the 'Calculate Premium'.
  • Step 4: The estimated home insurance premium will be displayed for your property.
  • Step 5: For further details, click 'Re-calculate' and 'View Plans' according to your requirements.

Benefits of Home Insurance Calculator

Buying a house is one of the most significant investments you make in your lifetime, for which you might take a home loan or arrange finances. Hence, buying home insurance online will protect your valuable assets from several unforeseen risks. However, before you select a home insurance plan, utilize the benefits of using a property insurance calculator, which is explained below:

  • Premium Estimation

    A property insurance calculator allows homeowners to find an estimated premium they will have to pay for buying a home insurance plan. This enables them to select a plan that fits their budget and fulfils all their requirements.
  • Compare & Choose Home Insurance Plan

    The function of a home insurance calculator is broader than just calculating the premium. At Policybazaar.com, all homeowners can compare the premiums and benefits offered by multiple home insurance companies. This way, they can choose a home insurance plan with maximum coverage at the most affordable price bracket.
  • Premiums Based on Coverage Type

    No matter the kind of home insurance coverage you are looking for, a property insurance premium calculator will find the estimated premium amount to insure a property and its content. Depending on the type of coverage you want, you can find a suitable plan using this home insurance calculator.
  • No Insurance Agent Required

    Policybazaar.com lets you use the property insurance calculator without depending upon any insurance agent to choose the best home insurance plan. Here, you can compare home insurance plans offered by multiple insurers in one place and select a plan that best suits your requirements without burning a hole in your pockets.

In addition, if you have any insurance-related query, you can connect with our insurance experts anytime, anywhere, by calling 18002587202 or dropping an email at home@policybazaar.com.

Details Required for Using a Home Insurance Premium Calculator

A property insurance premium calculator requires a few details to find the estimated cost of a home insurance plan. The information required may vary in the case of owned and rented property. Here is a list of information that you need to keep handy while using a home insurance calculator for both owned and leased properties:

Owned Property

  • Value of building (in Rs.)
  • Carpet area (in sq. ft.)
  • Cost of construction per sq. ft.
  • Value of the household items (in Rs.)
  • City name or city pin code and policy duration
  • Owner's details include name, email ID, contact number, etc.

Rented Property

  • Value of the value of household items (in Rs.)
  • City name or city pin code and policy duration
  • Tenant details include his name, phone number, email ID, etc.

Factors Affecting Home Insurance Premium

Several factors determine the premium of a home insurance policy. Here is a list of all the factors that affect the home insurance premium below:

  • Type of Coverage:  The kind of coverage you opt for determines the cost of your home insurance policy. The premium for a comprehensive cover will be higher than the basic plan.
  • Home Insurance Coverage or Sum Insured:  The amount of coverage or the sum insured that you opt for in your plan influences the premium amount. If you opt for a higher sum insured, you must pay a higher premium for your home insurance policy.
  • Cost of Your House:  The value of your home comprises the construction cost per the house's built-up area. The higher the value of your home would be, the more will be the premium amount payable for getting it insured.
  • Contents of the House:  If you want to get the contents of your home insured, then the value of your home contents will be considered while calculating the premium amount. The higher the value of your home contents, the premium amount for your policy will increase.
  • Age of the House:  The age of the house also determines the premium of a home insurance policy. As a house ages, it becomes more vulnerable to damage from several risks. Therefore, the older the house gets, the higher the premium amount payable for insurance will be.
  • Location of the House:  The place where your house is located also matters when estimating the price of the insurance policy. Some sites are more susceptible to risks, such as natural disasters. Thus, houses in vulnerable areas will attract a higher premium than homes in other areas.
  • Add-On Covers: Additional covers are used to extend the scope of coverage for a home insurance policy. You must pay a higher insurance premium if you buy an add-on cover, such as valuable content or personal accident cover.

Home Insurance Calculator- FAQs

  • Q1. As a tenant, can I buy a home insurance policy?

    Ans: If you stay in a rented place, you should buy only content cover. Moreover, you can purchase add-ons like the valuable content cover by paying an extra premium and avail enhanced coverage.

  • Q2. How much does home insurance cost in India?

    Ans: The cost of a home insurance policy depends on various factors, such as the type of coverage, age of the property, location of the house, coverage amount, etc. You can check the cost of different home insurance plans using a free property insurance calculator at Policybazaar Insurance Brokers Private Limited.

  • Q3. How can I reduce my home insurance premium?

    Ans: Following are some of the ways of reducing your home insurance premium:

    • Compare different property insurance plans using a home insurance calculator. 
    • Raise your deductibles if needed.
    • Do not opt for higher insurance coverage unnecessarily.
    • Make your home more disaster-resistant and enhance your home security.
  • Q4. How do you calculate the insurance value of the house?

    Ans: To find the insurance value of the house, you should be aware of the building value. The building value is computed based on the built-up area of the property and the construction rate per sq. ft.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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  • 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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