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Questions you Must Ask before Buying House Insurance

Did you know that every house insurance policy that you invest in would have a minimum lock-in period, during which your amount must remain invested with the insurer. If you wish to withdraw any amount during the lock in period, the rate of interest could be as high as 4%! It is important to understand that house insurance is an investment that is subject to several terms and conditions. Therefore, it would be essential to assess the policy document carefully before

If you are opting for property insurance for the very first time around, asking a few questions before starting off could also prove to be of help. Listed below are some important queries you need to put forth.

Questions You Should Ask about House Insurance

  • What are the types of policies that I can choose from?
    Broadly, house insurance is divided into two distinct types, building and content insurance. One is meant for protecting the structure of the building and the other is for possessions within the home. So, depending on your requirement, you can choose a policy that suits your needs.
  • What all is covered?
    Normally, all natural and manmade disasters would be covered by your home cover. For content insurance, cover will be provided against burglary as well as loss of items. However, it would be necessary to check out the policy documents carefully.
  • What about exclusions?
    Self willed and artificially inflicted damage to property would not be honored by the insurer. Similarly, one cannot seek cover for cash kept at home as well as be antiques, collector’s items, etc. Here again, it would be prudent to check the policy details for complete assurance.
  • Are there any hidden charges?
    Hidden charges could include heads like administrative charges and the processing fee charged for your house insurance policy. Make sure you have enquired about all such aspects at the time of purchase. You may not be told about these unless specific questions have been put forth.
    Remember, learning in advance about hidden charges would help in assessing your monthly payouts with due precision.
  • Can I buy online?
    Yes, house insurance can be conveniently purchased online these days. Just make sure you have chosen your insurer well and have put in substantial effort towards assessing various policies before buying.

Your house insurance policy could indeed prove to be a judicious addition to your investment portfolio. How well you choose however could make all the difference.

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