A home is a place where our story begins and where we can love. It is the place that we keep our treasure of memories. Built a new home is everyone dreams at the same time protecting our home is our responsibility. Home insurance is the proper solution for protecting the home in a better way.
Best homeowner’s insurance plans in India for 2020
- HDFC Ergo home shield plan
- New India insurance Griha Suvidha plan
- Royal Sundaram Gruh Suraksha plan
- SBI general long-term insurance plan
- Oriental General House Holder Insurance Plan
Should buy a home insurance policy
Due to mishaps
We can ensure our policy if our home was affected by natural calamities like earthquakes, tsunami, floods, damage due to lightning or thunder. These mishaps can collide our home at any time and anywhere.
Due to imitation
Our home can also be affected by manmade actions like firing, terrorism, riots, burglary, and theft and it makes them more insecure. So the home insurance team will provide their help at the time and it becomes customers friendly.
Home inbuilt with precious things
The policy can cover the tranquil of the house apart from its structure. Our home had many valuable materials like fittings, domestic appliances, and audio and video accessories.
Migrate to another place
If your home was damaged due to many situations, you have to bump another place The home insurance policy succor the clients until they enter into the new one.
Home insurance policy tenure
Tenure is the land or buildings that can be held or occupied by conditions. Home insurance policy can have long term insurance as well as a single year. According to the coverage area, policy tenure can be categorized.
- Buildings only – policy tenure has 1 to 30 years
- Home content only -policy tenure has 1 to 5 years
- Content and also building -policy tenure 1 to 5 years
Home insurance premium
The sum insured can be calculated by built area square feet with construction area per square feet example the build area square feet is 1000 square. ft and the construction area per square feet are Rupees 800 then the sum insured is 8 lakhs. For content like fittings, domestic appliances, and audio and video appliances have sum insured by current market values.
Factors that affect the premium
- Price of the inauguration
To measure the annual premium
This is the formula to calculate the annual premium.
Total annual premium=bodily wound premium+ belongings destruction premium +all -inclusive premium +collision premium.
Tips for an effective home insurance policy
Analyze your policy
You have to analyze your policy and associative documents. Read properly whether it gives an astonishing event during the claim period.
Connect and compare
You should compare the insurance policy with another insurance policy. Especially features, documents with proper manner, and future scope.
Don’t waste your time
Don’t invest your time if your house cause damaged. Abruptly you have to claim the insurance otherwise it will lead to a loss.