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How to choose Home Insurance Coverage

Evading home insurance is not one of the best ways to save money. The risks and zero peace of mind are just not worth it. Comparison is the oldest and the best way ever to reduce chances missing a good deal.

Striking a balance between purchasing sufficient insurance to safeguard perhaps your largest asset and keeping maintenance expenses cum insurance costs in check is pretty realistic.

Given below are 4 steps you can take to attain that goal.

  1. Breaking it down: Take apart each and every covers apart to take what you want!
    • The first and foremost step to recognize potential ways to save is to comprehend how the characteristic home insurance providers draft their scheme.
    • Let us consider a small house designed for nuclear family without many other added structures in the premises. Normally, an insurance plan for such a house will entail at least three key coverage sections: the building, individual assets of those residing in the house and accountability if somebody gets harmed while on the property.
    • If the house owner is currently settling a house loan, the bank will necessitate that they buy an insurance to cover all the outlays to completely reconstruct the structure. This will naturally be the most expensive constituent of the plan.
    • Please remember that you are only remunerating to cover renovation prices for the house and definitely not to recuperate the market value of the house or the plot.
    • The next coverage is for your valuable assets such as furniture, housewares, appliances, jewelry, rare relic collections, firearms and more with specified limit.
    • Then comes the third component, which is the cover for legal responsibility, which would defend you legally and financially if somebody who is harmed from your house or premises choose to sue you.
    • Apart from the aforementioned covers, you can also get add-ons for a little extra premium for a range of other threats.
  2. Sizing up coverage requirements:
    • A host of covers are out there. The trick is choosing and choosing wisely. Your housing insurance rates are greatly dependent on how much cover you think you want and figure out which ones you do not want.
    • Your insurance provider will furnish the amount of cover required to completely rebuild your home and suggest that you indemnify it for that sum.
    • Construction expenses are as fluctuating as it comes and hence it would be a smart move to review your plan every year and ensure that the cover and the current value do not have a large gap.
    • House/ flat owners enjoy more liberty to choose how much cover they need to restrain against legal responsibility and individual property damage/ losses. Choosing less coverage will ensure that you save more on regular premium payments.
    • An in depth inventory of your possessions is one way to decide how much insurance cover you actually require for those items. It can also be extended to more valuables if you choose to added protection.
    • More than a customary maintenance plan, insurance is something to save you from incidents that could really shatter us monetarily. Hence when you assess premiums, it should be keeping the possible claim in mind.
  3. Shopping around until you drop (or don’t!):
    • It is common for house owners to simply get in touch with any insurance agent or someone who recommends a couple of companies. But it is not advised as much has to be left to chances.
    • Another alternative is to comb through the official website of your state insurance department, which has a meticulous list of pricing and premium info on almost every policy available in your state.
    • When dissecting the components of your hand-picked options, please remember to compare the same insurance cover from company to company.
    • You can do the traditional method of shortlisting a few policies in your budget and then narrow them down according to the covers offered and their track record in addressing consumer grievances.
    • This way you can avoid going through an agent altogether and deal directly with the insurance firm.
    • Do not get too comfortable with the same company or the quote. Being up to date puts you in a better position to bargain and negotiate in future.
  4. Considering a bigger deductible:
    • Surprisingly, a most recent survey hinted that increasing the deductible can bring down the yearly premium considerably.
    • [A deductible is the share that is given by the house owner on a claim prior to the insurance scheme kicks in.]
    • However, please do not increase your deductible unless you have sufficient funds saved to cover it in a possible claim-worthy incident.
    • This can work in your favour because the chances are that you will not be filing many trivial claims anyway.
    • Insurers also tend to drop clients who file for more than 2-3 claims annually. It would be much economical paying for small items (like stolen cycle) by yourself.

A few more pointers on choosing ‘the one’:

  • If you are planning to purchase a plan, leave no stone unturned to find out as much as you can about the current prices as they can vary drastically from insurer to insurer and from time to time.
  • If you are getting your vehicle insurance and home insurance, you might unexpectedly save some extra thousand bucks. This is because most companies offer attractive rebates for customers with multiple plans with them
  • Once you get a few rational quotes, you can do a basic background check- their ratings, checking out online forums and talking to other customers about its efficiency and swiftness if you can and so on.
  • Do not forget to haggle or beseech for discounts. The rates are not set in stone.
  • Did you know that fixing protective devices such as burglars’ alarms, fire retardant roofs, smoke detectors and more can qualify you for a much reduced premium? Yes, it is true.
  • See that your policy is always up to date. Keep your insurance company in the loop even when you renovate your kitchen or purchase a pricy artefact for your home.
  • And finally, unless the housing prices drop (which isn’t likely to happen), do not hurry to deduct your coverage because the building costs will remain the same.
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Customer Reviews

Page 1 of 7 1 2 3 4 5
  • ICICI Lombard Home Insurance
    "Unhappy"
    0.5 1.0/5 "Really Bad"
    I am not satisfied with ICICI Lombard for home insurance because the premium is very higher and the claim was not good. I will not recommend and would suggest to go with LIC housing. The premium is 1.30L for 7 years where LIC is charging 60k for 12 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Sep 24, 2019
  • HDFC Ergo
    HDFC Ergo Home Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I got a home insurance from HDFC ERGO recently and they have been charging be monthly 506rupees which is reasonable and the payment mode is ECS. They have provided me an insurance for 5 years. I have no issues with the service. I don't have claim experience.
    Was this review helpful? 1
    , mumbai
    Reviewed on Sep 14, 2019
  • review Home Insurance
    "Recommendable policy"
    0.5 5.0/5 "Blown Away!"
    When i taken the home loan, they have provided me a home insurance with Reliance. They have provided me a coverage value of Rs. 70 lakhs which is my loan amount. In one shot, i have paid the amount of Rs. 1 lakhs which covers for 15 years. It covers only for the house.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jul 26, 2019
  • Bajaj Allianz Home Insurance
    "Required policy"
    0.5 5.0/5 "Blown Away!"
    It was very fast and i didn't run for any kind of documentation part. Since i took the home loan from Bajaj Finance, they have provided me a home insurance policy with them. I'm not sure about the premium amount. This policy has a coverage of 100% including the hold things.
    Was this review helpful? 1
    , secunderabad
    Reviewed on Jul 24, 2019
  • 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? 1
    , pune
    Reviewed on Jul 13, 2019
  • 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? 1
    , 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
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