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How do you Calculate Home Insurance Costs?

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A home insurance cost calculator will determine how much coverage you should opt for when you are insuring your home. This will help you find out the right amount of coverage that you should have to protect the content and structure of your home from perils like fire, hail and man-made mishaps like impact damages. This amount is calculated on the basis of the area, cost of contents, value of building and other such factors.

Introduction to Home Insurance Cost Calculation

When you speak of all the assets that you own, the first thing that comes to your mind is your home. Not just because it is a costly investment but because it shelters your loved ones, a home will always be your most dear asset. To guard your home and your contents against any unforeseen event, it is always advisable that you secure a comprehensive home insurance policy. Most importantly, you must opt for a home insurance scheme that adequately covers your property and personal belongings.

If you are worried about how to calculate the insurance coverage that you need your home, read on further to find more about home insurance cost calculator that will help you find the right home insurance cover.

Why does the Home Insurance Costs Vary?

The right home insurance coverage must be set at an amount adequate enough to rebuild your house from the ground up in case of a loss or damage. This cost is not equal to the amount that you paid for the house because of the following reasons.

  • The home purchase price includes the land cost also. But since you won’t have to repurchase the land, the insurance coverage cost will include the cost of land.
  • The calculators takes into consideration the features and upgrades of your home.
  • The rebuilding cost will not be influenced by demands for desirable features like good area, premium location etc.

Parameters in Calculation of Home Insurance Coverage

The home insurance coverage cost is decided based on all or some of the following parameters.

  • Plan Type

    The home insurance coverage will depend on if you are insuring the building only or the contents only or both. If you select building only, the value of the home structure will be taken into consideration. For contents, the value of personal belongings and jewelry will be considered. For a plan that encompasses a comprehensive cover for both contents and building, the value of both building and contents will be added.

  • Value of the Building

    The value of the building is the reconstruction cost and not the market value of the property. An optimum coverage should adequately compensate for the rebuilding cost. To find the building value, the built-up area of property and the construction rate per square feet will be multiplied.

    For example, if the built-up area of your home is 1200 sq.ft and the construction cost is Rs.1,500 per sq.ft, the sum insured for the building structure will be Rs.18,00,000.

  • Value of Contents and Jewelry

    While calculating the home insurance coverage costs, you must also specify the value of contents and jewelry. The insurance must be able to sufficiently cover the costs of replacement.

How to Calculate Home Insurance Premium?

After you have calculated the home insurance coverage, you must also compute the premium costs for the home insurance scheme. The premium is calculated based on the following.

  • Type of home ownership - if it is rented or owned.
  • The sum insured which is calculated based on the built-up area and construction cost
  • The cost of contents and belongings including jewelry
  • Add-on covers opted like terrorism cover or all-risk jewelry cover.

In conclusion, only insuring your home is not sufficient - you must insure it for the right amount of coverage so that you don’t have to burn a hole in your pocket in case of an unexpected mishap.

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  • HDFC Ergo Home Insurance
    "Should be transparent"
    0.5 2.0/5 "Expected more"
    I took home insurance from HDFC Ergo by paying the premium around Rs. 3 lakhs. In the beginning they were communicated the policy for whole 25 years, now they were telling its only for 5 years. If I want to continue then I need to renew it. The policy is good it covers all natural calamities, fire, rain etc. But they should be transparent in their communication.
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  • 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.
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    , new delhi
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  • 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.------------------------
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    , 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.
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    , 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.
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    , 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.
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    , 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.
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    , ahmedabad
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  • 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.
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    , 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.
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    , 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.
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    , 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.
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    , 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.
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    , 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.
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    , 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.
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    , mumbai
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  • 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.
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    , 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.
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    , chennai
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  • 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.
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    , kolkata
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    "Good service"
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    , bhimavaram
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    "Better policy to use"
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    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.
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    , bangalore
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  • 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.
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