How to Find the Best Home Insurance Plan?

Buying a home is the most expensive decision that one makes; after all, you are not going to buy a home every day. Hence, you ensure to buy the best home. But have you given a thought to protect your home in case of a calamity or natural disaster? Home insurance is the right way to safeguard your house and keep yourself free from the aftermath of such disasters. 

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What is Home Insurance?

Home insurance basically provides coverage to the home against the Act of God like a storm, flood, or fire, etc. There are several insurance providers that provide home insurance plans. Usually, the tenure for home insurance is high, and hence, you must do thorough research before making a final call.

Finding the Best Home Insurance Plan

Finalizing the insurance plan that is going to be the best for your needs can be challenging. With so many names, narrowing down the option to just one is a bit difficult. Here are some of the key factors that you need to consider while deciding on a home insurance provider: 

  1. Starting with your search- The first step to find the best insurance provider is to start searching for the best names in the business. Most home insurance providers offer both coverages to the home and to the home content. Hence you must first assess your requirement and then choose the best match. Knowing about the qualifying parameter beforehand is going to help you make the right decision.
  2. Coverage offered and the premium– The next important factor that you need to consider is to check the coverage and the premium offered by the company. Your home insurance policy must provide complete coverage for all the risks, thereby guaranteeing complete safety to your home and household items. Make sure that you check with the insurance provider about the same. The next important factor is the premium amount. Since the premium is going to be an integral part of your budget, it is important that you must read the policy in-depth before deciding. 
  3. Claim settlement ratio– One of the biggest hassles while opting for an investment policy is the claim settlement process. Some customers face a lot of problems when it comes to insurance claim settlement. This usually happens when you don’t read the policy and end up signing the dotted lines. Hence, it is important that you must read the insurance policy and also cross-check the claim settlement ratio of the company. If you find that the claim settlement ratio is good, you can go ahead and take the home insurance policy. 
  4. Company’s Customer Service– An important factor that you must not miss when choosing the best home insurance plan is to check the customer support service of the company. There can be times when you have doubt or are facing issues regarding claim settlement. A responsive customer care service provider is always going to be helpful for you. Don’t miss checking the reviews and ratings of the home insurance provider before making the final call. 

Popular Home Insurance Providers

  • HDFC Ergo
  • Future Generali Home Insurance
  • Bharti Axa Home Insurance
  • IFFCO TOKIO Home Insurance
  • National Insurance Home Insurance
  • Oriental Home Insurance
  • Digit Home Insurance
  • Cholamandalam Home Insurance

Salient Features of Home Insurance

  • Coverage against the damage (both the house and house content)
  • Covers the building
  • Covers additional structures like garages, backyard sheds, mailboxes, etc.
  • Covers personal possession

Home Insurance Policy Tenure

Usually, the home insurance tenure is for a longer period. The following table highlights the details of the same.

CoveragePolicy Tenure
Building Structure Only1 to 30 years
Home Contents Only1 to 5 years
Both Building Structure and Home Contents1 to 5 year