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8 things to consider before buying home insurance

8 things to consider before buying home insurance

Life is a series of unpredictable events, so it is best to be prepared. That’s why financial advisors strongly recommend buying appropriate insurance covers, including home insurance. It essentially provides financial reimbursement to policyholders in case of damage to one’s property. Depending on the chosen policy, it may also cover damage to certain assets, such as furniture. But there are some things one should do before buying home insurance so that the process is hassle-free:

1. Evaluating property value
The first step to buying the policy is determining the current value of one’s property and assets to be covered. Accordingly, one should choose an insurance policy offering coverage equivalent to the house’s total value and assets. Some valuable assets that a policy should ideally cover are furniture sets, jewelry, home appliances, and electronic items.

2. Check what is excluded from the policy
Verifying what’s excluded from the policy is equally important as checking what’s included. Sometimes, policies may not cover damages related to disasters or wars, cash loss, damage due to mold formation, and nuclear accidents. So, it is best to find out what a home insurance policy doesn’t include to avoid last-minute shocks when issuing claims.

3. Consider the type of home insurance required
There are many different types of home insurance. The most basic of these types is the HO-1 or basic coverage policy, which provides compensation only for ten perils, whereas the others cover about 16. The second category is the HO-2 policy, which additionally covers personal liabilities, personal belongings, and other property structures. Progressively, home insurance policies up to HO-8 exist, which are typically for older homes built over 40 years ago and need extensive coverage.

The type of home insurance policy to buy should depend on one’s specific requirements. For instance, for a regular studio apartment in a metropolitan area located within a safe gated community, an HO-1 or HO-2 policy would suffice.
On the other hand, the HO-7 policy is specific to mobile homes, and the HO-8 policy caters only to homes built four decades ago. So, before purchasing a home insurance policy, one should thoroughly research the different types of policies and pick the one best suited to one’s present living conditions and needs.

4. Compare different policies
Nowadays, various insurance companies offer different home policies and cover different aspects of potential damage. The more options, the more confusing it can be to shortlist one. The best way to pick a policy and company is to compare different premium policies, the coverage each offers, and their premium amounts. Finally, one should finalize an estimated budget for the premium based on the average premium amount of home insurance policies; then, a shortlist should be made that offers all the required coverages while charging a reasonable premium.

5. Fill up the application form carefully
Any mistakes—even the most trivial ones—in the home insurance policy application form can cause severe delays in the approval of the application and result in double work for the applicant.
That’s why one should fill out the application form carefully, being accurate and honest to the best of one’s knowledge, so that one is adequately insured and doesn’t have to repeat any of the application processes.

6. Inquire about burglary coverage and documents required
Burglary coverage is a crucial part of home insurance, and one’s policy should provide financial compensation for loss due to burglary. It is a good idea to confirm with the insurance company beforehand whether burglary coverage is offered and note down the documents that would be required in such cases. This is because one needs to act quickly in case of burglaries, and inquiring about the documents required after a burglary would only waste precious time. Ideally, in these scenarios, insurance companies ask for documents such as an FIR, a duly filled-in claim form, and original bills of the stolen belongings. But it is always best to confirm this list beforehand.

7. Understand the factors that can increase one’s premium amount
Many different factors may increase one’s payable premium amount. For example, if one lives in an area that is highly prone to natural disasters or wars, the premium can be high because of the individual’s vulnerability to property damage. Also, in other cases, personal factors like credit and claim histories may affect the premium. So, one should understand such factors when buying home insurance to be mentally and financially prepared.

8. Read the terms and conditions of the policy agreement carefully
One may be tempted to skim through or entirely skip the terms and conditions of a home insurance policy because these terms are lengthy and seemingly irrelevant. However, carefully reading the terms and conditions is critical because one should thoroughly understand the policy, its offerings, exclusions, and other regulations.
Knowing these terms will help one understand what to expect and what cannot be covered if one needs to issue a claim in the future. Also, suppose one has any questions regarding the terms and conditions. In that case, asking and clarifying any doubts before buying the policy is important to make a confident buying decision.

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