1. Buy a home insurance policy that covers the house structure against structural damage from fire and allied perils, destruction from lightening, riots, explosion of gas in domestic appliances, and natural calamities like floods and earthquakes.
2. The policy should also cover your legal liability to a third party for personal injury or property damage.
3. If it is an apartment complex, check if your flat is already covered against damage by the housing society who usually get the building insured and factor it in the monthly charges.
4. Review your home insurance cover periodically as the cost of construction keeps rising due to increase in prices of cement, steel and labour.
5. A few tips -
a) Some insurers offer discounts for multi-year policies.
b) Improving the security and safety measures, such as locks and grills, can get you a discount on the premium.
c) Take cover against natural calamities such as earthquake and floods only if your house is in a danger zone.
d) If it is an apartment, ask for a group discount by convincing more people to take a householder’s cover.
e) If you are under-insured, you will get back too little to make a difference.
f) If you are over-insured, you are paying more than you will get back if you ever make a claim.
g) If you have taken a home loan, get the lender to bundle an insurance cover with it at a discounted rate.
2. The policy should also cover your legal liability to a third party for personal injury or property damage.
3. If it is an apartment complex, check if your flat is already covered against damage by the housing society who usually get the building insured and factor it in the monthly charges.
4. Review your home insurance cover periodically as the cost of construction keeps rising due to increase in prices of cement, steel and labour.
5. A few tips -
a) Some insurers offer discounts for multi-year policies.
b) Improving the security and safety measures, such as locks and grills, can get you a discount on the premium.
c) Take cover against natural calamities such as earthquake and floods only if your house is in a danger zone.
d) If it is an apartment, ask for a group discount by convincing more people to take a householder’s cover.
e) If you are under-insured, you will get back too little to make a difference.
f) If you are over-insured, you are paying more than you will get back if you ever make a claim.
g) If you have taken a home loan, get the lender to bundle an insurance cover with it at a discounted rate.