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Consider These Things Before Buying Home Insurance

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Consider These Things Before Buying Home Insurance

  • Highlights

  • Determine the coverage you need based on the value of your home

  • Assess the perils covered in the policy carefully

  • Compare the various deductibles

  • Review your policy every year for continued protection

Whether you are living in your own home or a rented one, home insurance becomes necessary to protect your home and personal property against a wide range of risks, both natural and manmade. Choosing the right home insurance plan is therefore necessary to ensure your house is always protected against various perils, from burglary to damage. Home insurance premiums generally depend on the location and age of the house, size of the deductible and the coverage amount.

Consider these 4 things before buying home insurance for your house:

1. Coverage Provided by the Insurance

Different home insurance policies differ in the coverage it provides for the house. Determine whether you need a cover for only the building of your house and the built-in appliances or you want the belongings like furniture, clothes, and appliances too under the insurance cover.

2. Damages by Natural Disaster

The damages covered under your home insurance must be thoroughly checked before buying it. Generally, your house is covered against any accidental damages like a fire, theft, or a crash, etc. Insurance claim may be rejected if your house is not covered for the natural disasters like earthquakes, tsunami or floods. You can add damage against such natural disasters with a minimal addition to the premium amount.

3. Compare Deductibles

The deductibles are the out of pocket expenses on each claim against the damages to your house. Make sure to know the deductible amount while selecting your home insurance policy to avoid high expenditure in repairing the damages to your home even after the insurance claim.

4. Review Your Policy Every Year

Check for adequate coverage and review your policy every year as per your needs and possession. The price of property and the value of your belongings may change with time and hence it’s important to ensure enough coverage by your home insurance policy.

Read the policy document carefully before you buy the home insurance plan. Take note of your rights and responsibilities that comes along with the policy. Check for additional charges and bonuses and obtain clarity about the legal cover and terms of the insurer.

Additional Read : Different Types of Insurance Policies In India

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