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  • How Can You Save Money On Home Insurance

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    Purchasing or constructing a house, though initially quite stressful, can be one of the best investment decisions one can make. House insurance is an automatic addition which is a necessity to protect your new house from any potential risks or dangers. With a house comes house insurance. However, purchasing a home insurance policy also means that you are adding an expense to your future monthly budget by way of insurance premiums.

    Home insurance is a mandatory requirement put forward by money lenders in case of the purchase or construction of a new house. Now, there are multiple factors on which your insurance premium rates depend like the age of your house, its location, type of construction, etc. There are also some personal factors which come into play which could also affect your premium rates like whether or not the applicant is a smoker, the applicant’s credit history, etc.

    Home insurance premiums aren’t written in stone and can go up or down based on various factors. Here are the top 10 ways which can help you save big on your home insurance premium rates.

    1. Maintain a Good Credit Score

      More and more insurers are now taking into consideration an applicant’s credit history when it comes to deciding upon the insurance premium. A healthy credit score can easily help cut down your insurance premium costs while an awry credit score could harm your chances of getting an insurance policy altogether. To improve your credit score, try keeping your credit balances as low as possible, ensure timely bill payment, keep a track of your credit score and report any errors to the concerned company authorities and don’t avail credit in excess of what you do need.

    2. Raise the Amount of Your Deductible

      In insurance terms, deductible is the amount of money which the policyholder must pay for a loss, before the insurance company begins to pay for the claim. So, the higher your premium amount, the lower will your insurance premium be. Now, insurance companies may sometimes have separate deductible amounts depending on the kind/nature of the damage like earthquake, hail storms, fire, etc. Insurance companies to recommend customers to keep their deductible amount high, in order to save on future premium costs.

    3. Bundle Insurance Policies

      You’re out to buy an auto insurance policy being sold by a certain company. The same company is also selling a home insurance policy, the terms of which are quite favorable and suited to your needs. In such cases it might be a smart move to purchase both the policies from the same insurer as you are likely to get a discount off your premium. However, do ensure that this arrangement of combined pricing is lower than the cost of purchasing two policies from separate insurers.

    4. Don’t Skim on Research

      Purchasing a home insurance policy is quite a task, with the rising number of insurance providers now offering lucrative options all around. Take your time to go around and research on the various insurance providers offering home insurance policies. Go online, check for websites, user’s feedback, ratings, for different policies. Offline, you could check with people who have purchased home insurance and could give you valuable feedback, check with independent insurance agents who can provide you with policy deals from multiple insurers, contact the branch office of the insurance company itself and request for a quote. When you’ve done your research, you will get a fair idea about the range of services / covers being provided by various insurance providers, along with an idea about how much your overall insurance package is likely to cost you as well.

    5. Enquire About Discounts

      It often happens that insurance companies offer discounts which aren’t adequately advertised. For instance, some insurance companies offer discounts to senior citizens or retired applicants, as they are more likely to stay at home, reducing the risk of burglary. Similarly, professional associations and employers also offer group insurance policies for their employees or members, which can be availed at discounted rates.

    6. Better Home Security Means Lower Premium

      Installation of home safety gadgets and systems can easily help lower your insurance premium as it makes your house more secure from incidents of burglary, theft, fire, etc. Insurance companies offer varying degrees of discounts for installation of home safety gadgets like burglar alarms, smoke detectors, dead bolt locks, sprinkler systems, etc. However, considering that these systems are expensive and not each one of them will earn you a discount on your premium, it is advisable to check with your insurance company about the devices which will earn you a discount and how much will they help you save.

    7. Loyalties Pay

      When it comes to insurance, your loyalty towards your existing insurance provider can help you save on your premiums. Often, if you have been with the same insurance company for a couple of years and are a long-term policy holder, you can receive varying rates of discount, depending on how long you have been a customer with the company.

    8. The Newer The House, The Better

      Just like auto insurance, premium rates are affected by the age of the commodity, in this case your house. Insurance companies are far more likely to offer you lower premium rates if the house in question is new. The logic working behind this is that a new house is less likely to have problems when it comes to the plumbing, heating or electrical systems. Not only that, but the structure will also be in a better shape.

    9. Location Of Your House

      The location of your house can greatly affect your home insurance premium rates. For instance, a house located in a relatively safe neighborhood with a low crime rate, will pay a lesser insurance premium, as compared to a house located in a neighborhood where burglary and robberies are rampant. Similarly, a house located near a fire station might attract a lower premium while a house located in a flood prone or earthquake area might attract a higher premium.

    10. Insure What You Do Have, Not What You Don’t

      Home insurance policies often feature adjustable limits when it comes to protection of your personal possessions. Take stock of your personal possessions and decide on the insurance cover amount accordingly.

    Customer Reviews

  • Page 1 of 6 1 2 3 4 5
    • ICICI Lombard Home Insurance
      "Good Service provider"
      0.5 5.0/5 "Blown Away!"
      ICICI lombard gave me the medical coverage of Rs. 5 lakhs its entire family. The brand value is good to tie reputed hospital in area. Once I used the policy for dengue fever, they gave me cash less treatment for 10 days, they didn't charge any money. I just submitted medical card and id proof.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 10, 2018
    • HDFC Ergo Home Insurance
      "I want to top up my Home loan to HDFC bank home loan departm"
      0.5 4.0/5 "Great!"
      Very good response by bank bazaar to connect HDFC bank home loan web site, very quick response by Bank Bazaar, Iam very happy to say if bank authorities will reply my application I am very thankful to you bank Bazaar.------------------------
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 06, 2018
    • HDFC Ergo Home Insurance
      "Good Protection for House"
      0.5 4.0/5 "Great!"
      While I was taking loan from HDFC bank they taken amount for the home insurance for the tenure period of five years. I think they gave me the cover for different calamities, glass, raining, fire etc. But I thought for long tenure but they gave minimal tenure period for the home protection.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 05, 2018
    • review Home Insurance
      "Safe and secured"
      0.5 4.0/5 "Great!"
      I have paid Rs. 50 to 60k premium for home insurance in SBI General for the tenure of 20 years, they give coverage for natural calamities. The documentation process was smooth and they gave me good policy coverage based on the home valuation.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 29, 2018
    • review Home Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a home insurance from the New India Assurance. Considering the nominal premium I pay, the policy offers complete protection for the house and the entire appliances. It is a very useful policy in case of any mis happenings.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 28, 2018
    • HDFC Ergo Home Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I have recently got a home insurance with HDFC ERGO one month back, i am satisfied with this insurance policy. I am not aware of the premium amount for this insurance policy. I was informed about the terms and conditions of this policy from the customer service team.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 05, 2018
    • ICICI Lombard Home Insurance
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I have a home insurance with ICICI Lombard from last 16 years, they gave the soft copy and hard copy of the insurance on time. A premium of Rs 3130 has to be paid for this home insurance for 15 years. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 24, 2018
    • HDFC Ergo Home Insurance
      "Good policy to use"
      0.5 3.0/5 "Satisfactory"
      I need to pay the premium amount of Rs,10,000 every year to the home insurance policy . The HDFC ergo has gave me the home insurance policy around 2 years ago. The customer support service is good from the HDFC ergo and I pay the premium amount through ECS mode. This policy has the tenure of 10years.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 03, 2018
    • review Home Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have insured my home with the SBI general insurance company. I have got this policy around 5 years ago. This policy has the tenure of 20yeras. I have paid Rs,55000 and it is valid for next 20years and I would say it is a good policy to use, but I never had any claim experience with this policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 25, 2018
    • HDFC Ergo Home Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a home insurance with HDFC ERGO from last 5 years, i have to make an one time payment for Rs 25000 for this home insurance. I find this insurance policy is best when compared to other insurance companies. I am happy with the coverage value of this insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 12, 2018
    • HDFC Ergo Home Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      HDFC ERGO GENERAL INSURANCE company has insured my home because I have got the Home loan from the HDFC limited. I have got the Home insurance policy around 7 months ago from the HDFC ERGO GENERAL INSURANCE company, This policy has the tenure of 25years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 27, 2018
    • review Home Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a home insurance with National insurance from last 7 years and it is a good insurance policy. I pay an insurance amount of Rs 7000-8000 for this home insurance. I do not have claim experience so far with this insurance. Customer service was good and they gave all the right information. I am happy with the coverage of this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 26, 2018
    • review Home Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      At that time loan disbursement the agent of DFHL cleared all the formalities in getting the home insurance from the CHOLAMANDALAM GENERAL INSURANCE company. I have paid Rs,1,00,000 to get the home insurance policy from the CHOLAMANDALAM GENERAL INSURANCE company.
      Was this review helpful? 2
      , mumbai
      Reviewed on Mar 16, 2018
    • ICICI Lombard Home Insurance
      "Home insurance with ICICI LOMBARD "
      0.5 4.0/5 "Great!"
      I have taken a home insurance from ICICI LOMBARD GENERAL INSURANCE and the premium amount is 550 for a month. This insurance policy covers the damage to the house, any robbery to the house.For natural calamities they wont provide any coverage.
      Was this review helpful? 2
      , vadodara
      Reviewed on Mar 12, 2018
    • HDFC Ergo Home Insurance
      "HDFC ERGO Home insurance"
      0.5 3.0/5 "Satisfactory"
      I have taken a home insurance from HDFC ERGO GENERAL INSURANCE. The premium amount is 1800 per month. They provide insurance for damage of the property. If i loss the job then, for 3 months then the EMI have not to be paid. If death happen to me then they will waive off the loan and the property documents will be returned no need to pay the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 07, 2018
    • Bajaj Allianz Home Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home insurance with Bajaj Allianz,The policy is for 15 years i paid a premium amount of 8,000.I have no claim experience with till date this was taken since 2013.The premium amount is registered for an auto debit.The customer service is good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 02, 2018
    • review Home Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have insured my home from the NATIONAL INSURANCE company. I have paid Rs,6000 to get this policy . This policy has better plan benefits and the policy coverage with this policy. This policy has the life time tenure . I would say NATIONAL INSURANCE company gives good service to the customers.
      Was this review helpful? 1
      , bhimavaram
      Reviewed on Feb 12, 2018
    • review Home Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      The SBI general insurance has offered me a home loan and they have insured my home as well. This home insurance has the tenure of 15years. The policy coverage and the plan options are good with the SBI general insurance company and I am satisfied getting the home insurance policy with the SBI.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jan 30, 2018
    • ICICI Lombard Home Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have the Home insurance policy around 10 months ago from ICICI LOMBARD GENERAL INSURANCE. I have paid Rs,48,000 to this home insurance policy . This policy covers the life time tenure. The plan options and the coverage is good with this policy.
      Was this review helpful? 4
      , salem
      Reviewed on Jan 17, 2018
    • review Home Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a Home insurance iwth State bank of India.The premium amount is 36,000 paid for 15 years.The amount s registered for an auto debit payment.The insurance is taken in 2013 i closed to as its not required for me.The website is easy to navigate.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Dec 19, 2017
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