Tips To Lower Home Insurance Premium

Someone has rightly said “A home is where the heart is”. everyone has different opinions about the home and heart. Its wherever your family is. It’s where you feel safe and secured. The home is where we spend all the special moments with our family and loved ones which gives us memories for life time. But, do you know what all it takes for an individual to build or own a dream house? It is an achievement. You take all the necessary measures to protect it. Home Insurance is one such step towards the protection.

What is Home Insurance Policy?  

Maintaining a home comes with a price. Home insurance is a part of general insurance. Home Insurance is also known as Property insurance. The home owners who wish to cover the property can opt for Home Insurance Policy. It provides cover to your property or residence and its valuables against any unforeseen damages. It also covers your home against damages caused by fire, lightening, vandalism, smoke, theft and some natural disasters. Though it is not mandatory to buy home insurance like auto or bike insurance policy. In case, due to your financial condition if you are not able to repay the home loan EMIs regularly the policy comes to your rescue.

Few Ways to lower Home Insurance Policy Premium

There are many companies which offer home insurance policies. You can go online and research. Compare more than two policies. This will give you a fair idea about the premium ranges and the benefits offered. Thus, giving you an option to choose the best.

• Buy your home insurance policy and auto insurance policy from the same insurer. It is cost effective as you may get a combined price or a discount from one insurer rather than going in for different insurance companies. You may get a loyalty benefit advantage.
• The rising burglaries in the country sets an alarm to add security products to your paradise. A home automation system, theft alarm, video monitoring camera are few safety devices which can boost home safety. This helps you to save up to 20% on the premiums.
• Many insurers charge extra to insure expensive jewellery. Add on covers are available with many insurers. The coverage depends on the plan opted.
• A deductible is the amount paid by the insured towards any losses before the insurer steps in. Higher the home insurance deductible lower is the cost of your premium.
• Opt in for an insurance company that provides good amount of coverage at minimal cost. Don’t forget to check the reliability of the coverage.
• Any damage to the property or belongings during the course of the policy gets covered. Any negligence act by you or your family does not get covered. Claim right as the insurance company will validate the claim or the claim can get rejected by the insurer.

Conclusion    

Go through the policy document carefully to know the inclusions and exclusions. The premium amount depends on the total sum insured. Go for a multi - year policy as it will give you discounts on the premium and save yourself from renewing the policy every year. Self help is the best help. Save yourself from going through emotional trauma as well as financial loss. Go get yourself a home insurance policy.