Handy Pointers On Home Insurance Purchases
A home is more than just four walls, a roof and a floor
. Its functional utility goes beyond being a structure whose sole purpose is to shelter its occupants from the elements. For people around the globe, it is at home that the first bonds are forged and memories are made. Indians too traditionally have had a rather intimate equation with their homes. In-fact, they can easily be considered as one of the most active amongst demographic groups when it comes to the emotional connect shared with their home.The dynamics of the realty industry in India on the other hand, is quite askew and sellers often quote rates that can border on the obscene! This is especially true in most of the major metros and cities, where the cost of a home continues to be formidably high. However, the ownership of ones home is tied into an intrinsic sense security for humans. Not unsurprisingly, even in such tough conditions, people continue to toil for decades on end, just to earn the right to own the roof over their heads.
Given the importance that is attributed to the entire house ownership experience, ensuring the purchase of adequate insurance cover becomes extremely crucial. Treating it as a mere formality is not only a sign of callousness and ignorance, but is also indicative of the disrespect towards the house.
Some of the key points to keep in mind when looking at home insurance are:
1.Read the offer document: Most people when purchasing home insurance tend to merely glance or skim through the offer document. Reading it thoroughly and understanding the terms and conditions can sometimes make all the difference should something go wrong
2.Declaring the true value: Most home owners are quite reluctant to declare the true value of their homes and the belongings that are held within. This is not just due to fears of the information misused if it were to fall into the wrong hands, but also due to an inherent sense of mistrust about personal information being handed over to strangers. However, this leads to a home being under-insured due to non-disclosure of the true value
3.Discounts : Indians love their discounts and insurers are likely to extend the same to a house owner if he/she were to purchase other forms of insurance (car insurance, personal insurance, travel insurance, medical insurance and so on) from them
4.Add-ons: Insurers often offer value-additions on top of their core insurance offerings to consumers. These add-ons could cover belongings of high emotional value (like heirlooms), financially valuable goods (Art works, certain electronic items, etc.). Prospective insurance buyers should not hesitate in opting for such add-ons as they can prove to be quite handy during emergencies
5.Researching Options: There are quite a few players in the market that offer a wide range of house insurance across multiple purchase points. Quotes from each of these insurers would vary depending upon the internal policies and their interpretation of the buyers capabilities. As a result, one must be thorough in their research before narrowing down on a particular insurer.
Purchasing home insurance is not that difficult as it is made out to be. One must simply be focussed in their approach and reach out to as many insurers for quotes. Those who are averse to doing the legwork or do not have the time for the same, can also look up insurance quotes online. There are lots of deals that are waiting to be discovered
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