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How Can You Save Money On Home Insurance

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.

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Customer Reviews

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  • HDFC Ergo Home Insurance
    "NOT SATISFIED"
    0.5 1.0/5 "Really Bad"
    I have a home insurance with HDFC ERGO GENERAL INSURANCE where the premium paid was 2-3K where the duration of the policy is was 5years but i have canceled the policy within 1 month. The documents submitted was basic documents, but i am not satisfied with the policy.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 13, 2019
  • Tata AIG
    Tata AIG Home Insurance
    "Super Insurance "
    0.5 5.0/5 "Blown Away!"
    When i purchased my home loan, they have provided me a home insurance from TATA AIG. I have paid the premium amount of Rs.12000 but i have chosen the monthly payment mode and that will be deducted from home loan EMI. They told me a coverage of 20 lakhs like the current value of my house. Its included for the theft cover also. I have a 8 benefits from this policy like theft coverage, fire cover, builder problem etc.,
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Jul 04, 2019
  • review Home Insurance
    "Very good policy"
    0.5 5.0/5 "Blown Away!"
    When i taken my home loan, they have given me a home insurance along with the home loan. Since its a compulsory policy, i have purchased the loan. I'm not sure about the insured period. Overall, I'm satisfied with the policy. This policy is covered 100% for the home not for the products.
    Was this review helpful? 1
    , chennai
    Reviewed on Jun 24, 2019
  • Bajaj Allianz Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    Its having higer coverage of 2L and the policy is valid for 25 years. Bajaj Allianz has charged me 25K yearly and the benefits are good. It was provided along with my home loan. They have provided me a good service. The documents has been provided to me on time.
    Was this review helpful? 0
    , vadodara
    Reviewed on Jun 22, 2019
  • HDFC Ergo Home Insurance
    "Excellent service"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC,LTD they have asked me to take a house insurance policy. I pay the premium amount nominal which is applicable till my loan tenure period. It use to get auto debited from my account. They have given me a coverage upto Rs. 5 lakhs for 10 years .
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • HDFC Ergo Home Insurance
    "Complicated policy"
    0.5 4.0/5 "Great!"
    While i have taken my home loan from HDFC, they have asked me to take a life insurance policy. I pay the premium amount of Rs. 50000 which is applicable till my loan tenure period. They are deducting the insurance premium amount from loan premium amount. They have given me a coverage upto Rs. 4 lakhs.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 09, 2019
  • review Home Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I got a home insurance from SBI General Insurance and they have charged 50K for the insurance which was little bit higher when compared to others. They have not sent the insurance paper yet. The policy is valid for 15 years. It covers fire accidents, natural calamities and everything.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 07, 2019
  • review Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health Insurance through Royal Sundaram through Online .I am paying a premium of Rs. 15000 it is a 1year nee to renew each year ,I am paying through by online ,This insurance was referred by Citi Bank .I have not faced any issues so far on using this policy .There are cashless facility as well.
    Was this review helpful? 0
    , bangalore
    Reviewed on May 31, 2019
  • ICICI Lombard Home Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Health insurance policy since got call from ICICI Lombard hence taken the policy.This is a 1year policy need to renew the policy every year ,There is cashless facility on this policy ,premium is very nominal it is Rs.13000 paying through auto debit .I have got the policy documents on time ,Submitted documents also and not gone for any claim so far.
    Was this review helpful? 0
    , thane
    Reviewed on May 28, 2019
  • Tata AIG Home Insurance
    "Good for home protection"
    0.5 5.0/5 "Blown Away!"
    Tata Aig home insurance policy has the tenure of 15 years, when I took home loan from Axis they took around Rs. 25,000. Its covers rain, riots, terrorism, natural calamity, fire everything come under this, hence its a good protection for me.
    Was this review helpful? 2
    , bangalore
    Reviewed on May 13, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I got a Home insurance from HDFC ERGO while taking the home loan. The policy is valid for 5years and the premium is reasonable. They have charged me 69K and have received the soft copy of the insurance. The policy coverage is good and it includes natural calamities and fire accident.
    Was this review helpful? 0
    , pune
    Reviewed on Apr 30, 2019
  • HDFC Ergo Home Insurance
    "Good. Can work on the charges"
    0.5 4.0/5 "Great!"
    HDFC Ergo home insurance policy is good and there is a coverage for five years, and I can renew it if I wish too. I also have the option to continue till the loan gets completed. The total amount is of 1.11 Lakhs. I need to pay 700rs on a monthly basis. I suggest that the charges should be on a lower side.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Apr 29, 2019
  • Bharti Axa Home Insurance
    " Premium should be economical"
    0.5 4.0/5 "Great!"
    I paid premium of Rs.1.5 lakh to Bharti Axa for home insurance it has the tenure upto loan end peroid of 20 years. I believe its covers all natural calamities like earth quake, the premium is huge as compared to others. I got the policy paper through PNB Housing,
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • HDFC Ergo Home Insurance
    "Good"
    0.5 3.5/5 "Pretty good"
    They have charged me a premium of 1.4L for the home insurance which is 26 years. I have received the insurance paper from HDFC ERGO. Actually the premium is on higher side when compared to other insurer but have no other go. The customer service is always good. They have given me better benefits but still looking for bit more.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 29, 2019
  • review Home Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I do have a home insurance with SBI GENERAL INSURANCE and it was offered along with the home loan. They have charged me 6K for 15 years. I have no claims till now. I have received the insurance documents. It has lot of benefits. I have not contacted the customer service.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 15, 2019
  • review Home Insurance
    "Good for future"
    0.5 4.0/5 "Great!"
    I don't have any experience of claiming anything in this policy. Its covered with the complete home and products like all the electronic items. I have made the one time premium amount of Rs. 35000 for 25 years. They have given me a coverage amount of Rs. 16 lakhs. When i avail my home loan they have offered this policy.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jan 29, 2019
  • HDFC Ergo Home Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I have insured my home with HDFC , home got insured at 174000 and the customer service is good , they help me through out the process . Only i got disappointed at one place they wrongly updated my name . My premium amount use to get auto debited from my account . It was average experience .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 27, 2019
  • HDFC Ergo Home Insurance
    "Average Service"
    0.5 3.0/5 "Satisfactory"
    I had taken this insurance policy a while back and the premium had been paying on a Quarterly basis. The premium amount has been around 80,000 and the payment method has been simple. Their customer support has responsive and is helpful at times.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jan 26, 2019
  • ICICI Lombard Home Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    At the time of home loan they have issued me a home insurance with ICICI Lombard actually the product was good. They have more number of branches. I took the policy amount of 1L which is one time premium for 20 years. The sum assured is 40L. I am very much happy with their service.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 23, 2019
  • ICICI Lombard Home Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have take Home Insurance from the Icici which i got through my Home loan where its been given by them . The premium amount which i paid for the is quiet high , The explained the policy very well and but they haven't given the document for that , as i don't know the sum assured amount and policy details.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 23, 2019
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