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Planning to Buy Home Insurance? Here’s How to Compare Quotes From Insurers

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Published on November 25, 2021. EST READ TIME: 3 minutes

While comparing home insurance policies, most people take into consideration the price factor. The price of the property insurance does play an important role; however, that should not be the only criteria to choose the insurance policy. When comparing quotes from different insurers, you should also check on their coverage to meet your need. A home insurance policy safeguards the home structure and its content. Apart from this, a home insurance policy also protects your home from unwanted events like natural calamities, theft, burglary and fire.

What Does Home Insurance Cover?

When you avail home insurance policy, you get coverage for the following:

1. Fire Accidents: Accidents are beyond our control, and their occurrence leads to significant financial losses. Especially when there is an accident like a fire breakdown in the home, it can create a big hole in the pocket. Hence it is always wise to have property insurance to rebuild your home in case of a fire accident.

2. Thefts: You are never warned of any theft activity in your house. A home insurance policy will provide coverage for losses from theft and thereby help you during difficult times.

3. Electrical Breakdown: A home insurance policy also provides coverage for electronic appliances and gadgets breakdown.

4. Natural Calamities: Earthquakes, floods or any other natural calamity can cause damage that can wipe out your years of savings within a short period. A home insurance policy will help you avoid the financial burden and manage these unwanted situations with ease.

5. Alternate Accommodation: You might have to vacate your home and stay at another place due to a fire breakdown or any other accidental damage, leading to financial expenses. You get a temporary place to stay with alternate accommodation coverage until your house is ready for the accommodation again.

Why Home Insurance Quotes Differ?

It is advisable to buy a home insurance policy with an adequate sum insured amount to help rebuild the house. The premium offered for the home insurance policy differs due to the following reason:

• Reconstruction cost does not include the cost of land.

• Measurements for features of the home are done based on insurance plans.

• The number of add-ons opted along with the home insurance policy also play a major role in determining the premium.

• Insurance companies also take into consideration the location and area of the house while fixing the premium.

Factors to Consider While Comparing Home Insurance Premium

Type of Plan:

The type of plan you opt for the home insurance policy should be the base factor to compare the quote. You can choose a home insurance plan for covering the content and/or structural cost of the property. It is advisable to buy a comprehensive home shield insurance policy that provides coverage for both structure and content of the house.

Coverage of the Policy:

The coverage which the home insurance policy offers should meet your requirements. E.g. if you live in a flood-prone area, you should buy a policy that provides coverage for floods.

How to Save on Home Insurance Premiums

Smartly Choose Coverage:

Be wise while choosing add-on coverages for your home insurance policy. Choose coverage along with your home insurance policy that meets your requirements. With additional coverage, the extent of protection to your home will also increase along with the premium.

Purchase Policy Online:

When you purchase a home insurance policy online, it will save time and money. You can get a discount of 10%* if you purchase HDFC ERGO Home Insurance Policy online. Apart from this, if you are a salaried employee, HDFC ERGO will provide you additional 10% discount on your home insurance policy.

Install Security Equipments:

You can also get the premium reduced by installing safety equipment like fire fighting devices in your house. A house with no security or safeguards will get a higher premium quotation from an insurer than a house with a good deal of safety measures.

Conclusion

It is always better to get your home insured with property insurance. Unforeseen events or circumstances can lead to losses which can wipe away your years of saving. Hence, as a precautionary measure, it is advisable to have a home insurance policy. While comparing quotes from different insurers, look out for plans and coverages that meet your criteria. Unnecessary add on coverage will increase the premium cost.

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

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