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Tips on Buying House Insurance

House prices in Delhi saw 15.7 percent year-over-year increase in the second quarter (Q2) of 2013, according to Global Property Guide website. Likewise, house prices in Mumbai, Jaipur, and Kochi saw respectively 12.2 percent, 41percent, and 17.8 percent year-over-year increase during the same period.

With the price of houses increasing, there is a big chance that buying a house would eat up a major portion of your savings. You may even need to take out a home loan for the same. As buying a house is your biggest investment, you should not take a chance on its protection or security. This is where a house insurance policy has a major role to play. It is important for you to choose and buy the right policy considering your requirements and the features of the plan.

Buying House Insurance: Some Key Considerations

With so many different types of house insurance plans available, it can be a daunting task to choose the right cover for your home. Depending on your needs, you have several options to choose from, such as, cover for building structure, cover for contents in the home, and cover for you and your family. Here are some useful tips for you to choose the right policy at the right price.

  • Know the pricing policy of the insurer– House insurance providers usually revise the price of a policy upwards every year. It is reasonable to a certain extent. However, you should avoid buying from a company that increases its policy prices frequently. Visit the website of the company to know about its track record on policy pricing. The idea is to choose an insurer that has a stable policy pricing record.
  • Get your estimates right- Deciding on the amount of cover you should take could be tricky. The first thing to do is to make a list of your priorities. Consider what you want to cover when deciding on the sum insured. Also take the rate of inflation into consideration. Remember that the amount of sum insured would not have the same value after 10 or 15 years.
  • Understand the coverage– Many buyers do not know what all can be covered with a house insurance policy. According to a consumer survey report published in the Financial Times, around 14 percent of the respondents admitted that they had no idea about the fact that personal belongings could also be covered under house insurance policy. Having knowledge of these things will help you make an informed decision.

The bottom line is that you should do a little research about the house insurance provider, the features of the policy, and your requirements before finalizing a deal.

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