Insurance: Tips for getting home insurance

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It is better to opt for a comprehensive insurance policy that covers all kinds of risks for the structure, the household items and the people who live there.

By Vikrant Vikram Singh

The decision to buy your first home is exciting. Many people find that spending money on real estate is more beneficial in the long run than renting it out. Whether you’re buying an apartment or building a house, home insurance is essential to protect home and personal property. There are many ways to save money with insurance when buying your first home.

Buy your policy online
If you take out home insurance online, your premium will be lower because there are no intermediaries in online mode and very few documents are required. Buying online can also save you a lot of time and effort.

If you agree to pay part of the damages in the event of a claim, this will significantly reduce your monthly premiums. This way you can save on monthly premiums while still being well covered.

Full coverage
It is an error to estimate the amount of insurance for the past price of the properties purchased. Indeed, furniture, fixtures and fittings must be insured regularly after taking into account the depreciation. Experts suggest securing the building structure of the property based on the total area of ​​the building.

There are separate insurance policies for the structure, household items, and people in the house, but it’s best to have comprehensive insurance that includes them all. Contents are insured against fire, theft, terrorist activity, or electrical or mechanical failure and include jewelry and other valuables. Internal compensation covers emergencies, accidents, workers’ compensation and relocation costs after accidental family hospitalization. Full casco insurance generally means that the premiums are lower than if you had individual insurance for each of these insurances.

If you want to save on your home insurance premiums, refurbishing your property is essential. Remember to complete the wiring to repair the damage and avoid the risk of breakdown or fire and make the roof of the house more resistant to shocks.

Be smart about filing a claim
Claiming is an important step in damage recovery. Also, there are plenty of ways to make the billing process simple and flawless. The first step in this direction is to keep proper records of all property documents and data and to securely store all receipts and important documents. Also keep an inventory of all the items in your home. You can also use the app or website to track items digitally.

When you file a claim, make sure you have this information and all the other details about your home handy and ready to share. Insurance companies have different deadlines for reporting claims. Be sure to submit within these deadlines to ensure your losses are covered.

Check your policy rules regularly for important updates. Changes to your home, and even to your neighborhood, can increase or decrease your insurance premiums. If you are extending your home, if you are redeveloping a basement or a swimming pool, for example, you want to replenish your insurance policy so that you are not uninsured in the event of serious damage to your property or your liability. On the other hand, if the risk is mitigated, insurance premiums may fall. The addition of new roofs, security alarms, fences, pool covers, etc. to your home can reduce your risk and lower your insurance premiums.

Get help from experts
The best way to determine your coverage needs is to consult an independent agent. Your agent will review your situation, home, and location and offer you the best policy recommendations. The agent can also elaborate on the policies and optional coverage that he can add.

The author is Assistant Professor, Amity Business School, Amity University, Madhya Pradesh

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