Home Insurance Shopping: What To Look For

By Author: Pranavi Jain
Total Articles: 4
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A home is where your loved ones are and you often invest everything in it.
Life is uncertain and it’s wise to safeguard your precious abode against
any misfortune.

One way to protect your home is to invest in an insurance policy. You will
be protected against natural calamities, burglary, and other such events.

Here are five benefits of investing in a home insurance
policy:

1. Full coverage for your home and contents

2. Timely claims payout ensures you are able to rebuild your home faster

3. Asset security due to any unfortunate incident

4. Peace of mind that you have an insurance coverage to help you in case of
any misfortune

5. Affordable coverage when compared to other types of insurance plans

Several companies offer homeowners insurance and making
the right choice may seem confusing. Here are three factors that will help
you arrive at the accurate decision:

...
... 1.
Premium and coverage

You must evaluate current and future risks. For example, if you live at a
location that is prone to earthquakes, you must procure coverage for such
events. While opting for complete coverage is ideal, you need to determine
if the premium suits your financial situation. It is recommended you
procure multiple quotes and compare different offers before making your
decision.

2.
Reliability of the insurer

Working with a reliable insurance company is very important to ensure you
have no difficulties in case you need to file a claim. You must determine
if the chosen service provider employs experienced and friendly personnel
who are competent to resolve your queries.

3.
Claim settlement ratio

Although procuring a
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home insurance

plan at a lower premium is desirable, it is important you do not compromise
on the quality of the service provider. You must ensure the claim
settlement ratio is high to prevent any delays in case a need arises in the
future. Furthermore, you must check the turnaround time before signing the
dotted line.

This type of insurance policy protects your home against certain events.
Here are the losses that are typically covered under a policy:

1.
Burglary and theft

Generally, your belongings within the home are covered under the policy.
Such coverage is available for silverware, precious stones, jewelry, and
other valuables. However, these are covered only when they are kept inside
a locked safe at home.

2.
Fire and perils

Any damage or losses occurring from a cyclone, storm, or flood, strikes or
riots, and fire or lightning is covered.

3.
Earthquake coverage

Any damage or loss occurring to the insured property due to an earthquake
is covered under this type of insurance policy. However, some insurance
companies will not cover damage resulting from flood or storms occurring
due to the earthquake.

When you buy insurance coverage for your home, you need to know the
exclusions, too. Damages occurring due to regular wear and tear are often
not covered. In addition, loss or destruction because of wars or invasion
is excluded.

Secure your home and relieve your mind by getting a good insurance policy.