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Home Insurance

Last updated on March 18th, 2019 at 10:16 am

Home insurance is your safeguard against all those destructive forces which may not be readily apparent but may be lurking around ready to sabotage your home. With a comprehensive or partial insurance coverage, you can enjoy absolute peace of mind knowing that any compromise with the integrity of your home would be indemnified by your insurance company.

You need to prudently decide on the aspects that you want to be insured. Before inviting quotes from inuring companies, you have to understand what you can afford to deduct from the overall list of insurable items. Your premium payable would depend on the deductibles. Keep in mind that no expensive or critical element should be overlooked in haste as paying an additional premium would help you recover the entire cost if a disaster strikes. For example, the earthquake component of the insurance entitles you to compensation for damages incurred by your home and adjunct structural elements along with all personal belongings. The additional living expenses borne by you after earthquake are also covered. In Kerala, there is no history of disastrous earthquakes shaking the ground and as such you can deduct earthquake clause which will bring down the premium charges drastically.

The type of insurance protection sought by you should be critically arrived at after due deliberation. Umbrella insurance or fragmented insurance? Should flood, theft, water damage, force majeure etc. be compensated for when filing the claim? Are you willing to declare all expensive items that you intend to store in your home for insurance endorsement? Are you opting for reimbursement of the original purchase cost of the items insured or just the replacement value? All such pertinent questions would have a bearing on the final insurance premium that you would have to shell out. Judicious choice would make you avail of attractive discounts and no claim bonus benefits.

If you have insured your car or other valuables with a particular insurer, you are under no compulsion to go with that company only. Invite and scrutinize quotes from different insurers. Never be swayed by lofty claims made by the company. Always research online or seek opinions of references to get insights about the claim settlement history of the insurer. Most insurers in their bid to bring you within their folds would make magnanimous concessions in the start but would shy away from expeditiously settling claims when disaster would strike. Customer service ratings, online reviews, feedbacks posted by buyers on authority sites, financial standing of the company and other avenues would offer you insights about the insurer’s track record and customer relationship.