How To Find A Home Insurance Plan Within Your Budget?

Mumbai, November 19, 2020

A home is one of the most expensive investments that you make during your lifetime. But, at times, unexpected events can damage your home and can leave you in financial turmoil. To avoid such situations, it is recommended you purchase a home insurance policy. It is one of the first few things to do when you buy a new house.

It is often believed that home insurance plans are expensive. This makes people defer its purchase and leave themselves exposed to perils. Here are some tips that can help you purchase home insurance plans - 

Make a proactive selection of your home insurance policy

There are various home insurance policies that you can select. These policies are available from different insurance providers, and each company has multiple plans. Many finance options for your home are bundled with a home insurance policy. It is advisable to check whether these bundled policies offers comprehensive coverage or not. It is advised for you to compare the various available policies at every online policy renewal and purchase.

A smart selection of the add-ons

Home insurance policies are available with multiple add-ons. For you to have an affordable policy, it is essential you select only the necessary add-ons depending on your requirement. Opting for unnecessary add-ons can not only increase your premium but offer no real advantage too. Loss of rent cover, temporary resettlement cover, lock and key replacement cover, lost wallet cover, dog insurance cover are some of the add-ons from which you can make a choice. 

Installation of safety equipment

Some insurance companies tend to lower the premiums if you have safety equipment installed. Popular safety equipment that will help to keep a check on the premiums are smoke alarms, fire extinguisher, Wi-Fi thermostat, carbon monoxide detectors, deadbolt locks, etc.

Opt for voluntary deductibles

A deductible is a pre-specified amount that you have to pay before your insurance cover kicks in. In case of unexpected damage to your home, you need to pay the deductible first before your insurance policy provides coverage for the rest depending upon the terms & conditions of your policy. The deductible has a direct impact on your premium; higher the deductible, lower is the premium and vice versa. 

Going for a long term discount

Home insurance plans are available either annually or for longer tenures. The advantage of selecting a long term policy is the insurance companies offer a discount on the premiums. Thus, choosing a long term policy is an effective way to find a policy within your budget. 

Do not insure old and unused products

When buying a home cover, you don’t need to insure all appliances. In some cases, an old TV set can be left out, and you can save on insurance premium.

Using these tips mentioned above, you can purchase not only an affordable insurance policy, but also the one that checks all the right boxes. A home insurance premium calculator can help you in comparing and selecting an affordable policy with comprehensive coverage as per requirements. After all, insuring your home is essential as it is to protect your own health.

(Disclaimer: This is branded content. Readers are advised to exercise due diligence and discretion before entering into any correspondence, investment, purchase, business dealings or any other decision on the basis of this content.)

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