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How to Get the Best Deal on Home Insurance?

As a homeowner, you spend crores of rupees into buying and furnishing your dream house. But have you secured your costliest asset against the risk of threats and damages caused by natural calamities such as earthquakes and floods?

A home insurance policy is a concrete step that protects your house against such risks. In case disaster strikes, this policy will pay a key role in making good your financial losses. The best part is that house insurance is relatively cheap in India and is not likely to strain your wallet. In addition to the right price, you also need to ensure that you get the best coverage.  For example, you need to keep in mind that a fire or a flood may not just destroy the structure, but can also ruin everything else inside the house. This means that you would also need to insure the contents of the house against the damage. Choosing the right home insurance policy at the best price is vital. Here are some simple tips on how you can prune your costs and find the best deal on house insurance.

Tips to Get the Best Deal on Home Insurance

Shop Around

The best way to find the best policy is to first ascertain the types and amounts of coverage and then shop around for the best policy for your needs. Getting online quotes will allow you to see what different insurers have to offer and help you do apple-to-apple comparison of the price quotes. Price comparison sites and online insurance quote services give you an idea about the price ranges and help you ascertain the least price. However, don’t just fall for the lure of low premiums. You need to check the coverage and the quality of service provided by the company. Read consumer reviews and talk to insurers to get a feel of the customer service of the company. Also check the claim settlement record which is a litmus test for any insurance company.

Raise Voluntary Deductibles

To reduce the liability of the insurer and your premium, you can raise the voluntary deductibles which refer to the amount of money that you need to pay towards the loss before you insurance company pays the claim.

Install Safety Equipment

Your home insurance premium tends to be lower if you have installed safety measures in your house. Fire-fighting alarms and fire safety equipment can get you discounts on your premium.

Look for a Comprehensive Cover

Most people have a home insurance cover bundled with their home loan. However, it is important to check if this is a comprehensive cover. Most of these home insurance policies cover only the structure, not the contents inside. But what would happen if your house is burgled or there is a breakdown of an appliance? This is why you need a comprehensive cover that not just secures the building but also the contents inside.

Avoid Unnecessary Add-on Covers

Insurers provide a number of add-on covers with the home insurance policy. For example, the add-on covers with Bajaj Allianz My Home policy include loss of rent, key and lock replacement, lost wallet cover, pet cover and much more. While add-on covers are certainly beneficial, it is important to note that these covers can bloat up your premium. Therefore, take only covers that matter to you.

Remember that while hunting for home insurance, don’t just focus on keeping the costs down but also try getting the best possible cover. Doing your research and following these simple tips can save you quite a few bucks.

To protect your home from unforeseen calamities and dangers, here is more information on our home insurance cover!

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Published on:4 Nov, 2014

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