Home insurance policies safeguard you against damage and losses that affect your home and property. Most of these provide you with coverage against a natural calamity, disaster or theft.
Why do you need a home insurance?
It is also inclusive of liability protection in an incident where a person is harmed on the owner’s construction, and many policies also offer financial aid if the owner needs to shift temporarily due to damage caused to property in case of a god’s doing or unnatural reasons.
The destruction which comes with it digs a big hole in the pockets of the victim. However, with a little care, you can avoid the financial setback. Since your house is one of your biggest assets, it makes sense to insure your house and its contents. We give you a lowdown on how to shop for the right policy.
The process of filing for a home insurance policy through FinBucket is hassle-free with quick response and easy acceptance of an application as most banks in India provide this dynamic service.
Things you should know about home insurance
Before proceeding further, you should comprehend the terms related to a home insurance policy.
Ownership of property- To buy a house/property insurance, one should have a stake in the property i.e. it should have his/her own.
Types of Home/Property Insurance- Generally, there are two types of home/property insurances; First is the “Standard fireplace and Allied Perils Policy”. This covers mishaps the property is exposed to such as riots, fire, flood, and storms. The second type is “Burglary and House Breaking Insurance Policy”. This mostly protects against theft or burglary.
How to fix total Insured value for home/property or assets you own?- In case you underinsure your home, you are at a greater risk of suffering from a great loss at the time of causality. Hence, opting for suitable valued insurance becomes highly important. There are two ways to identify it, namely reinstatement value and market value technique.
What a home insurance does and doesn’t cover
A vital home insurance protects your home against misfortunate incidents. But what it does and doesn’t cover are as below:
Damage caused by strike, riots, or fire
Damage caused by strike, riots, or fire
Damage caused by water-based disasters like Hurricane, Cyclones, Storms, Floods.
Damage caused by land-based disasters like Earthquakes, Landslides, etc.
Damage is caused by unnatural actions like aircraft, missiles, and terrorist attacks.
Loss, Wear & Tear, Depreciation of property by the passage of time
Damage caused by War, Nuclear War, Invasion, etc.
Negligent usage, injury as a consequence of unnecessary work.
Under construction property
Harm or loss of other assets like jewelry, cash and sensitive documents (unless specified).
Factors to check while comparing policies
Checking for the best premium option available which saves you a fortune should be the top priority. The premium quantity applicable to the subscriber is determined by two factors-
Place of the insured property
Applicable tenure of insurance. Ideally, home insurance will have a range of three to thirty years. Again, these conditions are pertaining to the home insurance underwriter in question.
Things to keep in mind while buying a home insurance
Home insurance will only pay for the cost of the building and not for the land
It is suggested to get the cost of reconstruction of your home either from a civil contractor or a broker before filing for the renewal of the policy
The market value of the cost of building factors in depreciation. Choose reinstatement cost instead of buildings and contents
It is important to keep proof of insured items as you will need them to settle the claim
The insurer is not subjected to pay if the construction is unauthorized or poor.
It is better to choose a comprehensive house holder’s package policy.
Why choose FinBucket for your insurance?
With the free quotes provided, compare different Home Insurance plans at zero cost on FinBucket.
Tie-ups with highly reputed leading brands in India.
Buy home insurance within minutes by filling up the online form. Most of the plans are available online and you can get your policy instantly by making an online payment