How is Property Insurance Calculated?

Posted on: Jun 14, 2024 | 3 mins | Written by: HDFC ERGO Team

How is Property Insurance Calculated?

Property insurance, protects your dearest asset, your home & property, in the case of events like damages and losses. As you paint your house to make it attractive, so in the same way, protect it with a home cover to form happy memories with your loved ones. You can do it by taking insurance coverage of your budget.

Home insurance covers the following:

Let's look into home insurance coverage

1. Comprehensive Home Insurance:

You get the benefits of many under this single home cover, such as your home, the inside items, its durability in terms of structure, and your family.

2. Structure Insurance:

You can claim compensation if your house's structure gets damaged due to man-influenced disasters or natural calamities. Cases like theft and terrorist attacks also get covered.

3. Content insurance:

It only covers the loss or damage of interior items like jewellery, electronic items, etc. Whatever the item's current value is, you will get paid accordingly.

Property insurance for land owners:

Rome wasn't really built in a day. Every house requires a handsome amount to grow day by day. So, it's traumatic to have it destroyed by any interior or exterior influences. Moreover, by taking relatable home owners insurance, you can save on damages like electrical breakdowns, natural hazards, fire, burglary, and even shifting expenditures.

Property insurance for tenants:

Renters are no less valued for getting insurance coverage in the form of renter's insurance. After all, they spend their valuable time living in other people's houses with their expensive appliances and accessories. So they should protect them as they can be antique, like a vintage clock, gramophone, and carpet.

The importance of a property insurance calculator:

A home insurance premium calculator not only permits you to check the premium but also gives other benefits. For example, this calculator will work as a genie to offer a choice for comparing the policies by more insurers and choosing the plan that best suits your budget and needs.

How do I calculate property insurance?

1. Go to www.hdfcergo.com and scroll to the online home insurance calculator.

2. Choose the option for what you want to insure.

3. Fill in your property details, like the house's market value, age, city code, etc.

4. Choose the sum insured.

5. Finally, calculate the premium.

Conclusion:

Choosing the right property insurance is a must, and that too, if the asset is none other than your lovable home. So, a home insurance premium calculator can help you find which coverage suits you according to your house details and will help you find the best. Every coverage comes with its limitations, so choose what your budget is!

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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