A Smart Guide to Choosing the Best Home Insurance

Home Insurance

Once you buy a house, you invest money and time into it to make it a home for yourself and your family. So, protecting it and your valuables is the next step. Property insurance can help you do this with ease.

By paying a monthly premium, you can shield your home’s structure and its contents with comprehensive Home Insurance via providers like Bajaj Finserv. Here are some details to help you understand the importance of house insurance and how to choose the best one for yourself.

What is a home insurance policy and why it is necessary?

Just like a life insurance policy offers financial security to you and your loved ones, you need house insurance to protect one of your most valuable possessions, your home. A good home insurance policy gives you financial cover for losses arising from fire, flood, earthquake and other natural and manmade disasters, which can harm your home’s structures. It also secures you during the theft, when your valuables are stolen, be it jewelry, art or other possessions.

Home insurance policies, such as those offered by Bajaj Finserv, also give you the added advantage of rent or costs for temporary resettlement if your home is harmed. You may also choose add-on covers like a lock and key replacement, loss of rent, and more. When you don’t have insurance coverage for your home, you may face financial hardships in the future, so it is best to be prepared by opting for one that suits your home, its location, and your possessions.

Here is the complete guide to help you select the best house insurance.

Compare offers from different insurers

Before you apply for home insurance, do your research to get the best deal available. Compare offers from different insurers, assess their financial strength to know whether they would be able to pay your claims, see the claims process, and check if you can get discounts on premium. Don’t forget to check how the insurer will value your property and valuables, and when the start date will be once you buy the policy.

Know what the insurance covers

Before you buy property insurance, you must know what is covered in the policy. For example, most home insurance policies do not cover damage due to terrorism or fire caused due to electric appliances malfunctioning. Check the inclusions and exclusions by taking your time and reading the fine print before you buy home insurance online or offline.

Learn the requirements for a claim

Now is the best time for you to read about how you can make a claim with your insurer rather than waiting for later when disaster strikes. This way, you will not only know what you are required to do in during a crisis but also see if the process works for you. For example, insurers may require you to file an FIR within a certain time frame to make a burglary claim. You may need to submit all original repair bills to your insurer to claim the total amount spend on repair due to a natural calamity. Knowing this in advance will help you prepare and store all required documentation so that you can truly benefit from the policy in times of need.

Maintain a good credit score

Before you apply for a home insurance policy, ensure that you have a good credit score as the insurer will surely assess your creditworthiness. This is done to know your financial standing and ensure that you will not default in your premium payments. A high score can get you a more affordable premium. So, if you have a low credit score, you can improve it by repaying your debts on time, keeping your credit card use low, and not making too many loan applications.

Consider the points above and select the insurer and insurance policy that best fits your needs to secure your precious asset. You can apply for home insurance online with ease or call your insurer to get going. Don’t forget to check your pre-approved offer to expedite the investing process and get a customized deal.

Sidharth Kapoor is a well-known financial insurance advisor with the abilities to keep a track and predict the market trends with the utmost accuracy. He has worked on different financial sectors dealing with the entire range of Insurance. He is also an expert in writing many finance related articles and blogs, so He is a renowned finance blogger too.