How to find the best home insurance policy in India?

2020 has been like a roller coaster. We experienced cyclones, floods, and earthquakes all over the country. When such instances take place, we realise the importance of safeguarding our loved ones and our assets. Our home is one of the assets that is extremely important to us. Other than natural calamities, there are man-made events like robbery that can damage a home structure and lead to loss of contents. A home is a prized possession for each person, not just because it costs a huge amount but also because it has an emotional value. When a calamity strikes, it can affect and damage a home. Hence, to cover the repair cost, a good home insurance policy is important.

The best home insurance policy offers protection to the structure as well as the contents of the house from the unpredictable perils. These perils include man-made calamities like theft, burglary, strike, riot, terrorism, etc. and natural calamities like storm, flood, landslide, cyclone, earthquake, etc. A home insurance policy comes for a longer period. Hence, it is also a cost-effective way to protect yourself from damage costs. A home insurance policy covering only the structure of the house is available for 1 to 30 years. Cover for only the contents is available for 1 to 5 years, and cover for both structure and contents is available for 1 to 5 years.

There are various insurance companies that provide different offers under a home insurance policy. Therefore, to make the best choice and get a beneficial deal, you need to compare well. Comparison is made easy with online portals providing all the information about the home insurance policy and online premium calculators. Here are a few factors based on which you can compare home insurance plans and choose the best.

1. The reputation of the company – When you choose an insurance company, it is very important to know whether it is reliable. Home insurance policy is a huge investment in terms of money. Moreover, you depend on it to safeguard yourself from the cost of damage caused during various calamities. Hence, when you shortlist companies or best home insurance policies, do thorough research, especially about the claim settlement ratio (CSR) of the company.

2. Coverage and premium – Coverage and premium are crucial factors when deciding which home insurance to invest in. The coverage offered by the insurance company decides how much loss or damage cost will be covered after a claim is filed. Hence, you should choose the best home insurance policy that offers a larger coverage amount. Also, make sure the premium amount fits in your budget. You can calculate the coverage you will receive and the premium amount to be paid by using an online home insurance calculator.

3. Claim settlement turn-around time – When a calamity strikes causing damage to a home and its contents, it causes great trauma to the homeowner. In such tough times, if a claim settlement process takes time, it becomes more stressful. Look for a company that offers quick settlement of claims.

4. Customer service – Much like the claim settlement turn-around time, the insurance company’s customer service also plays an important role in how easy your claim settlement experience will be. More than the pre-sales service, the post-sales service is important. It is crucial to visit the customer support site and read the customer reviews to know the quality of customer service of the insurance company you choose.

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