A home insurance policy is the most overlooked things by most buyers. However, the importance of one is realised only when a disaster or an accident damages the house. If you do not want to throw caution to the wind, it is best to purchase a home insurance policy from the start.
Many financial institutions make buying a home insurance policy compulsory as a part of its lending agreement. Thus, offering protection for your home even when unexpected events like natural disasters and accidents bring grave financial losses. But if you are a first-time buyer of a house, what are some things that you need to look out for? This article describes a few of those tips helping you select the right home insurance cover for your house. Continue reading to know more:
- Comparison of different policies
There are a myriad home insurance plans to choose from. Selecting an insurance policy requires you to carefully analyse what each policy offers and then shortlist to further narrow down the choices. Such comparison will help to eliminate any plans that do not meet your requirement and get a policy that fulfils all your coverage requirements. *
- Opting for online insurance plans
With digitisation evident across all businesses, insurance sector is no alien to such online revolution. Buying home insurance plans online helps to avail the same insurance coverage at much more affordable price tags. The primary reason for lower home insurance quotes is the elimination of overheads like commission. Moreover, you need not physically submit documents but instead upload them from your computer. Such an online shift not only saves premium, but also eliminates any hassles surround documentation when buying a home insurance cover. *
- Choosing a comprehensive insurance cover
While basic home insurance plan offer coverage only for the structure, you must consider buying a home insurance plan with a comprehensive insurance cover. Comprehensive policies ensure financial protection for the damages to your home as well as the contents within. Thus, any furniture and fittings, electronic appliances, artifacts, and the like can be covered if included at the time of policy purchase. A natural disaster not only damages the structure of your home, but also for the contents in it. Hence, you must choose to insure all your appliances and furniture in addition to the basic policy cover. *
- Coverage for third-party liabilities
When buying a home insurance plan, you must look for a comprehensive home insurance plans that protects against third-party liabilities too. For instance, a kitchen fire at your home can end up damaging the property of your neighbours which you might be required to compensate for. With a comprehensive insurance policy, you can ensure its coverage too. *
- Reviewing policy coverage periodically
While it is important to look for the above pointers when buying a plan, it is also crucial to review the policy coverage periodically. Periodic review ensures the coverage of the policy is adequate and includes all the furniture and fittings of your home. Further, it helps to eliminate any unwanted insurance cover for which you might be paying premiums. In this process you can also make use of a home insurance calculator that comes handy. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
