Making the Most of Your Home Insurance

5 ways to make the most of your home insurance policy

08 Jan 2020
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Buying a house is and has always been a dream for people from almost any socio-economic group. Especially in a city, buying one takes a lot of effort, monetary and non-monetary. You run around checking the perfect locality, the right building, the right space, constantly keep in touch with agents, try to find the best price, etc. before finally settling for the house.

When you put so much effort into buying a house, it only makes sense to protect it with insurance, doesn’t it? However, people are often worried about the costs of home insurance. You might not have heard about people taking home insurance as much as life insurance. Home insurance policies form only 2% of the total premium collections of general insurance companies in India. Now consider this – More than 58% of India’s landmass is earthquake-prone, more than 12% is prone to river erosion and floods. 5,700 kms of our 7,517 kms-long coastline is susceptible to cyclones and tsunamis. Plus, news of avalanches and landslides in hilly areas are not uncommon.

A home insurance is an underrated need of the hour for homeowners. It protects your home from loss and damage due to natural and man-made disasters, theft, structural damage, etc. If you want a comprehensive plan that protects your home from all of these and more, you check out home insurance online. A good option would be Bajaj Allianz Home Insurance, available on Finserv MARKETS. Its online process is so quick that the policy could be in your inbox within minutes. It also offers benefits like 24×7 on-call support and large sum assured for an affordable premium.

Making the Most of Your Home Insurance

5 things in mind to ensure you make the most of your policy.

  • Shop for policies

Just like you do for a house, make sure you conduct extensive research before taking a home insurance policy as well. There is ample amount of material available online. Check for ratings, reviews, user feedback, comments, etc. You could also ask insurance agents for quotes. Plus, you could also talk to people you know who have already done their research or buy a policy for their home. Only when you do extensive research, will you be able to understand which policy gives you maximum benefits at the best price. Don’t forget to look for add-ons as well.

  • Take your time

You must have started the process of looking for a home insurance as soon as you moved into a new house or even before. Whenever it is that you might have started it, do not rush into a policy. Take your time to evaluate and compare multiple options, premiums, add-ons, features and benefits. Do not rule out any source of information as each one will provide you with different perspectives. This will only help you in making an objective decision. Make a home insurance calculation for each of the companies you have shortlisted. Then, compare the benefits and add-ons. Make an informed decision.

  • Research your insurer

When you finally select an insurance company, ensure that you have enough information about the company, and that you have done a home insurance calculation thoroughly with the help of home insurance calculator. Many insurance companies ask an individual to undergo specific medical and diagnostic tests before issuing a term insurance policy. Check the claim settlement ratio of the insurer. Check if any third party is involved. Go through the list of benefits. With a claim settlement ratio of 93% and no third party involvement, Bajaj Allianz Home Insurance online, available on Finserv MARKETS is an option worth considering. It offers a sum insured of upto Rs. 10 crore with an affordable premium.

  • Secure your house

A well secured house doesn’t just give you added safety, but also gives you a reduced insurance premium. Installation on safety gadgets and security systems protects your house from theft and other such risks. There are various levels of benefits for installations of gadgets like smoke detectors, alarms, sprinkler systems, deadbolt locks, etc. While you are prepared with the help of these, a home insurance provides greater security from uncertainties.

  • Buy home insurance online

As opposed to the traditional belief, it might just be better to buy a home insurance online. Bajaj Allianz Home Insurance, available on Finserv MARKETS offers a fast online process with no tedious paperwork. The documentation required is also minimal. The entire process could take just a few minutes to deliver the policy in your mailbox. Moreover, even the claim process can be finished online with a few easy steps. Why don’t you then save yourself from the multiple errands and paperwork of an offline policy and go for an online one?

Now that you know these hacks for extracting maximum benefits out of a home insurance policy, you can surely consider getting an appropriate home insurance policy. It will be quick, it will be convenient, and it will secure your most prized possession from any calamity that might befall it.

 

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.