Whether you are living in a one-bedroom flat or a five-bedroom bungalow, it will always be your mansion; A place where you have invested your money and emotions. You will always want to make sure that your nest is secured against potential threats like theft, natural calamities, fire and other misfortunes which can occur anytime.
The year 2015 witnessed a lot of destruction because of the Chennai Floods. This created awareness amongst people about the need to protect their most prized possession – their home. How? By insuring it!
Home insurance is crafted to protect your home and its belongings against any natural or man-made calamities and also offers liability cover for accidents at home.
Why Should You Get Home Insurance?
Opting for home insurance will ensure your financial stability in case of damage to your property or possessions. At a relatively low amount or premium, the insurance company assures you that they will bear any losses that occur due to damage to your property.
Types of Coverage
A home insurance policy will cover:
- Main structure of the home: In case the structure of your home needs repair or replacement, a designated amount of money will be paid.
- Contents: Your personal belongings fall into this category. Your jewellery, portable equipment, works of art, expensive paintings and valuables all are covered.
- Liability: Damage to others’ property is covered up to the stated policy limits.
- Loss of use: In case someone’s house is totally destroyed, the person will need another place to stay until the place is repaired. This cost is also covered under home insurance.
Tips to Choose the Best Home Insurance
Look for the Coverage and Premium
It is very important to evaluate the risks your home can face in the future. For example: If you live in an area which is prone to floods, you should make sure that the risk of floods is covered in the policy. Apart from natural disasters, you should also consider damage to the property or the contents of your home due to man-made disasters like theft, house-breaking and snatching. Bajaj Allianz home insurance policy covers for jewellery, valuables, portable equipment, expensive paintings and works of art along with the structure of your home.
Also, you must also consider whether the premium fits in your budget. You can compare the premium and the coverages online from different insurance companies and take the coverage which suits you the best.
Know the Add-On Covers
Along with the basic covers, it is also important to look for a coverage which gives you certain extra benefits. For example: If you lose the keys of your house, the insurance company pays the cost. Some add-on covers include dog insurance, loss of wallet cover, loss of rent cover.
Check the Claim Settlement Ratio
You should always look out for the claim settlement ratio of the insurance company. A person might pay a meager premium but if his claim is rejected in the time of need, the very purpose of buying an insurance will be defeated.
Look for Financial Stability of the Company
Financial ratings of the company speak for its financial stability. Bajaj Allianz has IAAA rating by ICRA which indicates financial strength of the company. This indicates that the customers will always be kept at priority.
Your home is one of the major investments you make in life and you should certainly keep a check on these points before you choose a home insurance. Do take a look at the best home insurance plans!