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  • What is Home Insurance Premium ?

    A comprehensive Home Insurance policy, provided by insurance companies, covers our house from every possible dangers, risks and threats. To cater to the varied needs of policyholders, insurance companies provide them with an option of choosing coverages. Customers choose coverages according to their specific needs. For instance, if your house is located in an area which is prone to natural calamities, you should choose a coverage which provides protection to your house from such perils.

    As an insurance policyholder, you have to pay a specific amount, periodically, to your home insurance provider for covering you and your house against a host of risks, mishaps and unforeseen circumstances. To put it simply, premium amount is what you pay to your insurer for transferring the risks on to them, from you.

    The wider coverages you choose for, in your home insurance policy, the higher is the premium amount (as you are getting additional coverage). Several add-on covers, over and above a standard home insurance coverage policy, are available at an additional premium amount. Owing to this reason one must choose the covers wisely, according to his/her requirements. Also, understand that premium amount is worth paying for home insurance. As your house is undoubtedly the most expensive asset you own, it deserves complete protection from any kind of danger and threat. Hence, paying a little higher premium amount at the cost of getting added protection, won’t pinch as much as having to pay from own pocket to recover the damages/loss that your house might suffer due to any unforeseen circumstances or unexpected perils.

    When you are choosing between home insurance policies, i.e. deciding upon which home insurance policy to buy, the premium amount pays a huge role in the same. Home insurance policyholders, have a legal commitment to making regular payments of the premium, depending upon the chosen policy, this insurance premium forms a considerable part of the policyholder’s future expenses, it needs to suit his/her monthly budget. The smart solution to this is to compare between multiple insurance policies, find out the coverage each one of them is providing and at what cost, and settle down for the one which suits your budget and your needs the best.

    As it is a universally known fact that every home insurance policy charges a certain amount of premium, while taking a decision of buying the policy based on the premium amount, one must take into account the cost of deductibles (chargeable with the same policy). The cost of deductible is inversely proportional to the premium amount charged, i.e. the higher the amount of deductible, the lower premium and insurance fee.

    With the advent of online banking and e-shopping, customers have the convenience of shopping for insurance policies online, as well. Leading insurance companies provide customers with a unique tool called premium calculator on their portals. Customers can enter certain basic details (as required) by the calculator and get an estimated figure of the premium they need to pay for buying that certain insurance policy. This handy tool helps policyholders to choose the home insurance policy that they can afford and suits their needs the best.

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