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Posted by Royal Sundaram on 09 Dec 2016
We buy insurance for our health, vehicles, businesses and other important things. A home is undoubtedly the most precious asset of all. Therefore, buying home insurance is vital to ensure the safety of your home. However, the prospect of buying home insurance baffles many.
Although the process of buying a home insurance is a bit lengthier than the other types of insurance, it is quite simple to choose a policy that best suits your needs.
Here’s a stepwise guide to buying home insurance.
STEP 1- Explore different home insurance policies
- There are numerous home insurance policies available in the market. And not every one of them will match your requirements.
- Some may not have adequate features while some may charge an extremely high premium.
- Hence, it is very important to consider at least three insurance quotes before making the final decision.
- Many online policy comparison websites allow you to compare the features of the policies easily.
STEP 2- Choose a policy that is right for your home
- Home insurance policies differ according to the type of house you own.
- A typical home insurance policy generally covers only single family dwellings.
- If you live in condominiums or co-ops, you might require a different home insurance policy that covers the interiors, walls, fixtures etc.
- If you have put your house on rent, you can purchase a commercial property policy.
STEP 3- Understand the extent of coverage
- Once you choose the right type of policy, you must check the extent of the policy cover.
- If the policy does not cover a risk that you think is important, you can request an add-on cover for the same.
- Ensure that your home insurance covers your home as well as your property from damage due to natural disasters, fire, theft, vandalism etc.
STEP 4- Find out the actual value of your home
- In order to obtain the full benefit of home insurance, you must estimate the actual value of your home and assets.
- When you know the actual value of your home, you can avoid over-insuring or under-insuring the property.
STEP 5-Take all possible measure to secure your home
- By taking certain measures to make your home safe, you can lower your premiums for home insurance.
- Since insurance is based on the principle of risk, all measures taken to secure your home will result in lesser premiums.
STEP 6- Finalize the policy
- Once have finalized on a policy, carefully go through the paperwork to understand the terms and conditions of the insurance provider.
- If you have any doubts regarding the policy, make sure you clarify it with the insurance agent before you sign over the dotted line and make the payment.
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