Buying a home is always quite a daunting task. However, one thing that often gets overlooked is home insurance. Whether you own one of the best 3 BHK bungalows in Raipur or live in a rented one, home insurance can help protect your house from various risks, be it natural or manmade. In addition, it will ensure that you stay financially stable and secure in case your property or valuable possessions are damaged.
HenceAn adequate home insurance policy can be the most significant investment for your best 3 BHK bungalow in Raipur. Choosing the right policy is vital to ensure that you can remain stress-free about your house whether you get burglarised or your home is damaged by weather or external factors.
When buying your home insurance, you will probably have tons of questions. With so many options to choose from, here are some of the aspects of home insurance that you should keep in mind before selecting the right plan for you:
1. Coverage provided by the insurance:
There are two types of insurance available in India, structural coverage and contents coverage. Structural coverage covers losses caused by damage to the structure of the house. Contents coverage covers damage to electronics, jewellery etc.
Your location will also determine the coverage available and the best types to buy. For example, if your home is near the sea, you will need protection for your appliances as they will be prone to corrosion by the salty air. On the other hand, if your home is near a calamity-prone region, structural protection will be more valuable as it would protect your structure from natural disasters.
3. Damages by natural disaster:
As mentioned in the previous point, if your best 4 BHK bungalow in Raipur is in a calamity-prone region, you’ll need protection from natural disasters. While home
insurance usually covers fire, accidental damage, theft etc., it rarely covers natural disasters. You can add coverage for natural disasters by paying a minimal addition to your premium amount.
4. Know your premium:
Keep track of what factors may affect your premium on your insurance policy. As well as the location and structure of the house, personal characteristics such as your credit and claims history will also raise or lower the premium costs. Hence it is necessary to keep track of your premium amount and the factors affecting it.
5. Compare deductibles:
Before choosing your insurance policy, compare the different types of deductibles available. Deductibles are out-of-pocket expenses whenever you make a claim on the damages to your home. Make sure you know the deductible amount to avoid high expenditure.
6. Have all your information ready:
When going to pick your home insurance, make sure that you have accurate information ready. Providing the insurance company with correct information will ensure no complications when making a claim.
Knowing what your insurance does not cover can help you select an insurance plan. Check for exclusions in your policy, and if you require those but are sure about a particular policy, you can always have them included with add-on coverage to tailor your home insurance to your requirement.
8. Actual cash value vs replacement cost:
Make sure you know whether the policy insures your home and belongings for actual cash value or replacement cost. Actual cash value factors depreciation, while replacement cost does not factor in depreciation when making a claim for repairs/replacements.
Anything that improves the security of your best 3 BHK bungalow in Raipur, be it structurally or physically, can give you a discount on your insurance premium. Know which items can help earn you better discounts and whether they will be worth it in the long run.
10. Documents required for home insurance:
When buying home insurance, always ensure you know and have all the documents required in case you need to file a claim. Giving insufficient or incorrect information could delay your claim or, even worse, lead to it being denied. A duly filled-in claim form, building plan, FIR or fire brigade report in case of theft or loss, bills/receipts, KYC documents, and a cancelled cheque for receiving the claim amount electronically are a few of the documents you might need depending on the type of claim.
Buying a home is a dream for many people and requires hard work, diligence, and financial commitment. However, being extra careful when it comes to selecting your home insurance could save you from trouble in the long run. Keep these 10 factors in mind when buying your home insurance to ensure you get the best protection for your dream home.
At The Elements, your safety and security comes first. Our best-in-class 3 and 4 BHK bungalows come structurally sound and with all the added security of being in a gated community. As a result, you;ll benefit from the best insurance rates available and live a luxurious and stress-free life.
We look forward to your booking with us soon.