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How to Compare Home Insurance Companies

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Policy Coverage

Customer Service

Plan Options

Claim Experience

When it comes to your loved ones, you wish to provide them with the best protection there is. From health insurance to life insurance, you want nothing but only the best for them. Just like your loved ones are invaluable, so is your home. After all, it is the place where all near and dear ones come together to create and cherish lifelong memories. Your home is the one place where you can relax, unwind and bask in the love and care of your family. Your home is also something into which you have invested your hard earned money and savings. It is lifelong investment, which will continue to be inherited by generations after you.

Your house, like many other things, is also vulnerable to risk from external elements and forces, sometimes natural and sometimes man made. Forces of nature like earthquakes, storms, hurricanes, cyclones have been a prevalent phenomenon in many parts of the world, and have wreaked havoc across entire cities and subsequently people’s lives. Beside natural causes, there are a number of perils which are the work of man. Robberies, burglaries, fires, malicious intentions, accidents, etc. are some unexpected events which can happen without any warning whatsoever. So, how do you protect your house from such unforeseen perils? The simple answer is, home insurance.

For decades, people around the world have relied on home insurance to protect their houses. When it comes to home insurance, investing in the right policy can make all the difference in the world. However, with number of insurance companies the wide range of insurance policies available, deciding on the right one might be a bit of a task. Here are a few pointers to keep in mind, to help you find the best insurance policy.

Consider the Health of the Company

Once you’ve drawn up a list of prospective home insurance companies, you must do some research on them. Go online and try to find out how other consumer have rated a company, what the general feedback is, about service, customer service, settlement of claims, etc. This exercise in itself can give you a fair idea about the company and also about the specific insurance policy that you’re looking at. Often in feedback, customers would have mentioned the pros and cons of the policy, giving you a fair idea about whether or not the policy is a good choice for your home.

Compare Coverage & Premium

Coverage is one of the most important factors while deciding a home insurance policy. Your policy must provide coverage for all the risks that your house might be prone to. Say, you live in an area frequented by cyclones, floods or other such natural disastrous phenomena. In this case, you policy must provide coverage against such perils. Ideally, look for a policy which provides comprehensive coverage against a wide variety of perils.

Premium Amount

When you take an insurance policy, you are making a commitment to making regular payments for the cover provided by the company. Insurance premium is another important factor when it comes to deciding on a policy. As it will be a part of your future expenses, you want it to be within your budget. Compare between multiple insurance policies to find out the coverage they provide and at what cost.

Check The Claim Settlement Turnaround Time

In the unlikely situation that you do need to file for an insurance claim, you definitely do not want it to be a struggle. Dealing with the damage / loss is quite stressful on its own. In that light, claim settlements must ideally be a hassle free process, devised to reduce your burden and worry. The turnaround time for settlement of claims is a one of the most crucial factors determining a company’s efficiency. Quick settlement of claims is an indicative of a good company who has your interests as priority, making it a worthwhile choice.

Be Clear About Your Coverage Needs

Each house is unique in terms of its structure, location, contents, value, etc. Which is why, one policy which might be suitable for Mr. A’s house, might not be suited for Mr. B’s house. Specific areas might be characterized by some atmospheric or natural phenomena, which is likely to cause damage. Another scenario, for example, may be, the house to be insured could be a second home or vacation home, which is not occupied often and doesn’t house any valuable contents. Hence, it is necessary that you find a policy which covers all the aspects of your house and provides adequate cover.

Hunt Online For Quick Quotes

Like many other banking products, insurance policies are also available online, making it easier for you to gather information about multiple policies online itself. Also, with the process having gone online, the quotes offered online are often cheaper than what you might get from an agent or at the insurer’s office itself. Compare between all your possible choices for insurance policies and compare the quotes online.

Consider the Cost of Deductible While Calculating Premium

While considering the premium amount charged by a particular policy, you must also take into consideration the cost of deductibles charged with the policy. The higher the amount of deductible, the lower your premium and insurance fee will be.

Request a Quote from Your Existing Insurance Provider

While you are on the lookout for the right home insurance policy which satisfies all your terms, it might be a good idea to check with your existing health or motor insurance provider as well. Loyalty is also one of the driving factors when it comes to home insurance deals. Which is why, chances are fat that your existing insurance provider might offer you the best rates on your home insurance policy, just because you are an existing customer. While collecting quotes from other providers, don’t forget to inquire with your existing insurance provider. 

Company’s Customer Service

Just like the claim settlement turnaround time, customer service provided by a company is also crucial to forming a customer’s experience. More than pre-sale service, it is the post-sale service extended by the company, which really counts. When you’re investigating about different companies, pay special attention to the reviews posted on the customer support provided by the company. This will provide some useful and practical insight, especially for times when you yourself have any issues or queries of your own which need to be resolved, after having purchased the policy.

Go Independent

In case you wish to take the traditional route to applying for a home insurance policy, it is advisable to do so with the help of an independent agent, who is not associated with any particular insurance company. An independent broker will give you quotes from multiple insurers, giving you a chance to compare between multiple coverage and premium options. This way you can narrow down your options to only the most suitable policies.

Customer Reviews

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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.
    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? 1
    , 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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