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Oct 1, 2022

Here are 5 tips for first-time home insurance buyers

Owning a home is a dream for the majority of Indians. However, that dream requires hard work, dedication, and financial discipline to translate into reality. As a first-time home buyer, you need to be extra cautious when buying one. An in-depth understanding of the process will help you in your purchase smoothly. While you focus on choosing the right home for yourself and your family, you must not overlook the importance of a home insurance cover. Since a home is the single largest investment for many, it is necessary to protect it using insurance. Home insurance is what helps you to stay financially stable in the unfortunate event of damage to your home. Not just your home, but also the possessions therein can be covered. The type of policy and its coverage define what is covered. Since there is more than one factor to look out for when choosing home insurance as a first-time buyer, here are five tips to keep in mind -

1. Understanding the coverage of your home insurance plan

A home insurance plan is a safety net for your home. Thus, financial loss due to damages to your house is covered by this insurance policy. When buying a home insurance plan, it is essential to know what is covered under it. In India, home insurance coverage is available for the structure as well as the contents inside. Knowing what your policy covers is important. Structure insurance covers the losses that arise from damages to the structure due to natural calamities and man-made perils, while content insurance protects against damages to appliances, jewellery, furniture and more within your home. *

2. Providing correct information

When selecting a general insurance plan for your house, it is critical that you provide accurate information, not just about the property, but also the contents inside it. For instance, your home has multiple storeys, an accurate built-up area, the floor plan, details of furniture, jewellery and artefacts in the house will help the insurer provide the right insurance coverage. Not stating the correct information leads to denied claims and even cancellation of the policy.

3. Know what is excluded from the policy’s scope

It is essential you know what is covered by your policy. But it is also important you are aware of what is excluded. This will help you be aware of the different situations that are and aren’t covered by the insurer protecting you from a financial loss. Home insurance plans in their policy document specify the exclusions that are not covered by the insurer. A thorough reading of the policy document will help you stay on top of what is specifically excluded from your home insurance policy’s scope. Whether you are a first-time buyer or about to renew renew home insurance , it is essential to not just know about the inclusions, but also the policy exclusions.

4. Enhancing the coverage using add-ons

Using an add-on facility, you can enhance the policy’s coverage. These add-ons are optional features that are available to purchase covering those events that are otherwise excluded from the policy cover. To fine-tune the coverage of your home insurance plan, add-ons serve as a handy way.

5. Documentation at the time of claim

Filing a claim is an essential step to recovering a loss. Hence, you must know what documents are required when raising the claim. This will help you provide the necessary documents to ensure a quick and hassle-free claim settlement. * A duly filed claim form, building plan, FIR or fire brigade report in case of theft or loss, repair bills/receipts, and KYC documents are some of which are required when raising a claim. However, the exact set of documents required may be mentioned in your policy document. * * Standard T&C Apply While buying a home is a significant and critical decision, you mustn't overlook the importance of home insurance. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

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