Property is a prized possession, and to safeguard it from unexpected
damages in the event of fire, flood, earthquake, etc. getting a home insurance
is always necessary. However, if your existing health policy is exhausting your
monthly income, listed below are a few sure shot ways with which you can
control your home insurance costs:
1. Shop around: The decision of buying a home insurance policy should not
be taken in haste. Instead, you must explore and make a list of insurance
policies that are being offered by various insurance providers. You may also
get insurance quotes online to estimate the costs of different policies. Choose
a reliable company from which you can buy the comprehensive home insurance plan
that suits your needs, and of course, your budget.
2. Increase your deductibles: Deductibles is the fraction of the claim that
you have to pay before your insurer pays the claim as per the terms of the
policy. The higher the deductibles you set, the lower premiums you will have to
pay every month. However, you must set the deductibles as high you can afford.
3. Locate intelligently: Purchase the property in a strategic location but
make sure that it is based away from the damage-prone areas. Reason being, if
you live in a disaster-prone areas where flood, storm or earthquakes are a
common occurrence, there are chances that your home insurance policy may have a
separate deductible for such kind of damages.
4. Avoid making small claims: This is the most common mistake that many
people make. You exhaust your policy in small claims thus leaving no room for
bigger loss protection. Rather it is advised to deal with smaller issues on
your own and keep this policy to protect your home from bigger catastrophic
losses.
5. Improve home security: To avoid getting your home damaged from little
mishaps, it is suggested to increase the security in your home by installing
devices like smoke detectors, burglar alarm, etc.
6. Merge Policies with one Insurer: Just like you pool your internet,
phone, and TV package, you can also merge your insurance policies with one
insurer. Buy your health insurance, homeowners, life, and auto insurance plan
from one insurance company and come out cheaper by bundling these insurance
products together. You may also buy policies in a package that is less
expensive as compared to single policies. It also liberates you from the
trouble of policy renewal.
7. Eliminate Unnecessary Coverage: Don't buy the coverage you don't need.
Like earthquake coverage is often unnecessary in most zones, don't include
jewelry if it is at a catchpenny price etc. Also exclude a land value from your
policy. Covering land on which your house is constructed is simply of no use as
it is unlikely that your land will be stolen or burnt is fire. So to save big,
insure the value of your home only.
There are many insurance providers who offer age and profession discounts
as well. Some times there certain discounts for retirees and people with good
credit rating. Never eliminate the coverage that is important just to save your
money as spending extra on important services will benefit you in the long run.
If you are looking to buy a good home insurance policy at affordable price, you may contact HDFC ERGO General Insurance Company
Article Source: https://EzineArticles.com/expert/Sahil_Doshi/1716048
