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Tips to reduce home insurance premium

By Finserv MARKETS - Dec 12,2019
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Tips to reduce home insurance premium

Buying a home is one of the best investment decisions you can possibly make, owing to real estate’s ability to grow in value over a period of time. However, even as you make this investment, it is necessary to think of ways to protect it. A home insurance is the ideal solution to protecting your home against a range of eventualities that might arise, including man-made instances such as burglary or theft or even natural disasters such as earthquakes and floods.

The best home insurance will allow you to protect against a number of unfortunate events that might result in damage to your home and property. Repairing these damages may result in denting of your savings considerably. To avoid this from happening, apply for home insurance on Finserv MARKETS and get coverage against a range of eventualities including missile testing operations. You can use the home insurance premium calculator to understand how much premium would be required to pay for the protection you require for your home.

The premiums you pay for home insurance tend to increase depending on the number of uncertainties against which you seek coverage. However, there are ways to ensure extensive coverage while also keeping your premiums low. Read on to learn how you can reduce your home insurance premiums while ensuring access to the best home insurance policy.

Browse through your Options:

Speak to your friends who have recently purchased home insurance policies or even browse the internet to find the best home insurance policy that is available for you. Insurers offer different premiums on policies depending on your requirements, and by browsing through your options online, you can understand which ones would work best for you. Make sure to thoroughly compare the options available to you before you take a final call.

Avail every Discount you can:

There are many discounts available for those seeking home insurance. For instance, several insurers will offer you lower premiums if you pay a lumpsum amount, say for three years, at one go. Avail as many discounts as possible to avail the best home insurance at lower premiums.

Reduce Risks to your Home:

The premium amount for home insurance is decided by the amount of risk the house carries. This risk can be posed by natural disasters such as earthquakes, floods and many others. If you decide to protect your house from water logging due to floods or from earthquakes by building it with earthquake-resistant material, insuring your home poses lesser of a risk to the insurer than if these measures were not incorporated. Thus, your home insurance premiums will be lower as compared to insurance for homes without these measures. However, the best home insurance plan will be sure to provide you with coverage against these disasters without hiking your premiums by too large an amount.

Review your Policy Regularly:

Your home might well be your largest investment, and it is important to safeguard it to the best of your abilities. While you may have opted for home insurance while building the house, it is important to review its terms on a regular basis. Read the fine print in your insurance policy documents carefully, and review the terms you require and the coverage you can do without. This can help you significantly lower the premiums you pay. Talk to your insurer about changes made around the house, and understand how that would impact your premiums.

Talk to your Agent:

Your insurance agent is best placed to guide you in matters of your policy. If you are looking to reduce the cost of your premiums, your agent will be the best person to guide you on how to do this. He can advise you as to which covers will allow you to drive maximum benefit while keeping premiums low, and enable you to derive maximum benefit.

The premium you pay on your home insurance policy is dependent on a range of factors, including where you live, the geographical factors affecting the area as well as the precautions you have taken to avoid being affected by any natural or man-made disasters. Ahead of choosing the best home insurance policy, you can use the home insurance premium calculator available on insurer websites to understand how much your insurance requirements will cost you. Apply for home insurance on Finserv MARKETS today and get access to 24×7 assistance along with protection in case of fires, natural calamities and even leakage from automatic sprinkler installations.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522