How to get the Best Rate on Home Insurance?

Home insurance is very important as it protects your most valuable asset, your home, from unforeseen risks. However, owing to the premium costs and the intimidating insurance terms, many people do not take a home insurance policy at all. With some basic research and a clear understanding of your requirements, you can clinch the best home insurance deal in the market. Here are some tips on how to get the best home insurance deal.

• Type of Insurance

  There are two broad categories of home insurance offerings - for the structure of the house and for the contents. The building insurance will cover the cost of reconstruction of building structure in case of a loss or damage while the insurance for home contents will cover the costs of replacement of personal belongings including jewelry. It is up to you to decide if you need to cover the structure or the contents or both.

• Owner or Tenant?

  You can select a suitable home insurance policy depending on if you are tenant or a homeowner. Tenants mostly need only a cover for the contents of the house while homeowners need to cover the building and also the contents if required.

• Compare and Choose

  To get the best deal in the market, you must make a comparison of all the available home insurance policies. Understand the policy inclusions, coverage offered, claim settlement history of the insurer and also other facilities offered. This will also help you check the premium cost versus the coverage.

• No Claim Bonus

  Select insurers also offer no claim bonus for home insurance. The insured will be asked if they have made a claim in the past year and not having filed a claim means they get a discount on premium.

• Cheaper is not always the Best

  When you are comparing home insurance policies, remember that you are focusing on getting the best cover possible for the specified premium. It is always advisable to plan for the worst case scenario. For a comprehensive cover, even though the premium will be a little bit on the higher side, it definitely won’t be more than the cost that you will incur in case of damage or loss.

• Add-On Covers

  Always browse through the add-on covers offered by your insurer for a home insurance policy. You might need a terrorism cover or an extra cover for antiques. Make sure that you keep in mind, the costs of add-on covers also.

• Home Safety

  Most of the insurers offer a discount if you have fixed safety & security devices in your home like fire alarms or smoke detectors. Not only do these devices add to your safety but approved safety devices also fetch you a hefty discounts on premiums. Make sure you select a home insurance scheme that comes with discounts for installing safety devices.

• Check for Other FeaturesA best home insurance deal encompasses everything from the right coverage to quick claims process. Check of the insurer offers facilities like easy claims process, 24/7 helpline, online renewal facilities and also if the insurer has a good claim settlement history. Opting for the right home insurance policy that meets your expectations is a huge advantage - it can help you save on insurance premiums and also offer you a comprehensive protection. Also, you can make use of online tools like third-party home insurance comparison engines, home insurance cost calculators and premium calculators to help you find a suitable policy.