10 THINGS YOU SHOULD KNOW ABOUT YOUR HOME INSURANCE

Home insurance is important as it secures your house and your valuable possessions from undesirable events. Moreover, if you are planning to take a home loan to buy a new abode for you and your family, then taking a home insurance can be compulsory for you. A home insurance can be very expensive if you do not choose a policy wisely. So make sure you know these 10 things about your policy.

You must note all the items that will be covered under the policy. This is because unless you will not have the proper knowledge about the scope of your policy then you would not be able to act instantaneously at the time of a claim. Hence, you should not blindly sign the agreement and read the policy document carefully.

1. KNOW WHAT ALL IS COVERED:

As stated above, the scope of the policy is also determined by the types of coverage that are excluded. While buying a home insurance, you must know what all the policy won’t cover so that there is no regret afterwards.

2. WHO KNOW THE EXCLUSIONS:

You must know about the insurance company before you buy the policy. The company must be trustworthy, reliable, and credible. It must be responsive to your demands, especially when you make a claim.

3. KNOW ABOUT THE INSURER:

Shopping around and comparing different policies are two effective methods of exploiting competitive premium rates. You too can follow them and opt for policies that offer additional discounts (for senior citizens, army personnel etc.

4. WHO KNOW WHAT WILL REDUCE YOUR PREMIUM:

This amount is your contribution to your total coverage. While buying the policy, know how much your pocket will have to bear.etc.

5. KNOW THE DEDUCTIBLE:

6. KNOW THE SECURITY AND CONSTRUCTION:

The security features and the construction materials determine the price of your home insurance policy. You must know which policy will be suitable for your house.

Keep a record of all your covered items carefully so that the list can come handy when you have to make a claim.

8. KEEP A DETAILED ACCOUNT OF ALL THE ITEMS COVERED:

9. REGULAR MAINTENANCE:

Proper maintenance of your house is also important apart from getting it insured. This is because the longer you can delay your claim, the more discounts you will get.

Sometimes, a policy may agree to cover a certain valuable of yours, in case of theft, but only to a certain extent. For example the jewellery higher than the value of Rs. 5,000 will not be covered under a certain policy. Be wary of such limits.

10. KNOW THE LIMITS FOR COVER:

Knowledge of these important facts can help you to take precautionary measures while buying a home insurance. Or else you may not be sure about whether your existing policy is good for you or not, thus, considering these points can ease your way.

Hope the above information shared with you will be helpful for buying a new insurance policy.If you are interested in buying general insurance, please feel free to reach us from any of the touch points mentioned below and we'll be happy to assist you.

Call us Toll Free No. : 1800-209-5846or SMS 'LTI ' to 56070 58 (56070-LT)

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