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How to Choose the Best Home Insurance Company in India?


The prices of home insurance can vary. This is why it is important to shop around for the best home insurance in India which can provide adequate coverage without burning a hole in your pocket. Most people avoid taking a home insurance policy just because they think that the sophisticated alarm systems and locks that they have installed is adequate for protecting their home. However, despite the best protection measures there is always a risk of thefts and damages caused by natural disasters. This is why there is a need for a taking a home insurance policy which is a much more concrete step in covering these risks.

Along with the price and the type of cover, it is also important to check the home insurance company while comparing the policies. Here are some

Tips for Choosing Home Insurance in India

Check the Premium and Coverage

The first thing you need to do is evaluate the risks your home faces. For example, if you live in an area that is prone to natural disasters such as floods, then you should ensure that the policy covers these risks. Apart from natural disasters, your home insurance policy should cover against the financial loss caused by the damage to the structure and/or contents of your home due to man-made disasters.The policy should also cover jewelry and valuables. For example, home insurance policies by Bajaj Allianz General Insurance cover jewelry and valuables in the event of burglary, house breaking, waylaying, and snatching.

While checking the coverage, it is also important to check if the premium for the house insurance policy fits your budget. You can solicit quotes from individual insurers or use price comparison sites to compare quotes online.

Look at the Service

The hallmark of a good insurance company is the customer service standard of the company. Does the insurance company have a good turnaround time? Does the company have knowledgeable customer service representatives who can resolve your queries while buying the policy? The company should be equipped to assist you at virtually any time and the service standards of the company should be high.

Know the Claim Settlement Ratio

Your premiums may be low but it may be fruitless to opt for the company if the claim settlement record of the company is not good. The very purpose of insurance will be defeated if the claim is not provided for when required. Check the company’s claim settlement ratio along with the duration for claims settlement while looking for the best home insurance in India.

Focus on Financial Stability

The financial ratings of the company is important to assess the financial stability of the company. For example, ICRA has reaffirmed IAAA rating to Bajaj Allianz General Insurance Company Limited. The rating indicates highest claims paying ability and shows the fundamentally strong position of the company. This is indicative that the prospects of meeting policyholder obligations are among the best.

Keeping these factors in mind can help in choosing the best house insurance company in India and find the cover that suits your need and your budget.

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Published on:9 Jan, 2015

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