Home insurance in India: Important questions you need to ask
Home insurance, like any other insurance covers your property of residence. It combines different insurance policies that protect the losses incurred to your home, its contents and your personal possessions in case of accidents, thefts or calamity. Since the property area is vast, you must get into the fine points of every policy aspect to know whether or not you’re getting the optimum coverage. Listed below are few important questions that if clarified with your agent, benefits you greatly in getting the best deal for your home insurance.
Does my home insurance policy cover the loss occurred due to the tenant’s negligence?
For the owners who give their house on rent, it is important to ask the agent this question. He may suggest you some crucial points of inclusion in your policy that can cover from the damage caused by the negligence of your tenant. It is always better to check it and not assume that it will be included as some insurance companies do not cover the losses arising due to tenants.
Can I avail a discount on my home insurance?
This is one question that can actually help you save huge money at the time of taking insurance. In case you have high detectible installed at our property such as smoke detectors, fire extinguishers, dead bolt locks, laminated glass etc… then you are eligible for discounts on your policy by almost every insurance company.
Does the premium of the policy differ with my location?
Often unnoticed, but the location of your house can get your premium rate altered. For example, if your residential building is close to the fire station, the rate will change. Similarly, age, type and construction (brick or frame) of the building also affects the rate of premium for your property. So it’s always good to ask these things in detail.
What are the points or things excluded in my policy?
Your agent will be giving you overwhelming information about what all things are included in the policy. But it is equally important to ask him to list down exactly what are the exclusions of your policy in detail. For example, acts of war, earthquakes, flood, etc.… are some of the points that need to be clarified at the time of taking the insurance as to whether they are included or excluded.
How much premium do you pay?
You should ask your Agent Advisor about the premium you have to pay. Is the premium a one time payment or you will have to renew every year. The agent should answer all the queries a policyholder may have before he or she actually buys the policy.
The above mentioned are the most important questions we tend to forget while buying a home insurance. Other than these, ask what are the optional and additional extend coverage is available that one can buy to protect their home ideally from an insurance cover. Make sure you ask them before you go ahead with a home insurance policy as entrusting the responsibility to protect your dream house should be given only in the best hands.