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How to Compare Home Insurance Companies

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.

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Customer Reviews

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  • 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? 0
    , mumbai
    Reviewed on Sep 14, 2019
  • review
    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
  • 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
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