Having home insurance gives you peace of mind, as a homeowner. You can be at ease knowing that the contents and construct of your home are covered against an array of mishaps.
Just like any other form of insurance, home insurance too needs to be carefully evaluated before it is purchased. Failure to look over the terms and conditions of coverage properly can prove to be a huge mistake. For instance, you might want a particular content of your home covered and later find out that you needed to opt in for it to get insured. That can come as quite an unwelcome surprise when you need to raise a claim and get compensated.
If you are buying house insurance for the very first time, it is natural to get a bit confused. Don’t worry, for this article is here to help you out. Read on to discover a few important dos and don’ts that you must keep in mind when buying home insurance to secure your property.
The dos of home insurance
- DO compare home insurance policies
When buying any form of insurance, never jump at the first option that comes your way. Compare home insurance policies from different providers and see which one suits your budget and needs. You can use aggregator websites to help you make an easy and fair comparison.
- DO fill out the paperwork accurately
When buying home insurance, it is extremely important that you fill up your paperwork correctly. Taking this care will save you from any disputes when you have to raise a claim. Avoid letting anyone else – like an agent – fill up your home insurance form for you.
- DO seek professional guidance
Buying home insurance might sometimes get a bit more complicated than other forms of insurance. There are so many things that you would need to keep in mind from the exact number of items to be covered to the right coverage amount. If all of this gets a bit confusing for you, do not hesitate to get professional help. You can contact an insurance agent for help or even speak to an advisor from the insurance company. They will guide you in the entire process of applying for coverage and ensure that you get the exact policy you need.
The don’ts of home insurance
- DON’T exaggerate facts about your property
Some people are known to provide misleading information about their home and its construct and contents. Remember that your insurer has surveyors and a team to evaluate everything, so it is best to be truthful.
- DON’T pick the cheapest plan you get
The point of buying home insurance is to get maximum coverage for your home and possessions which have cost you your hard-earned money. So, do not select the first property insurance plan that comes your way simply because it is cheap. Make sure to compare the premiums charged against the coverage you receive in return. It is worth paying a bit more for a policy that gives you holistic coverage against a wide range of calamities.
- DON’T forget to read the policy exclusions
Every insurance policy comes with a set of exclusions to coverage – this applies to your home insurance too. Make sure to carefully read the policy fine print so that you do not face any surprises later. For instance, most home insurance policies do not offer coverage for losses due to acts of terrorism. Make sure to clarify any queries with the insurer before buying coverage.
Keep these dos and don’ts in mind so that you make all the right moves when it comes to buying home insurance in India. Good luck!