Renew Your Home Insurance Policy in 3 Simple Steps

 Renew Your Home Insurance Policy in 3 Simple Steps

Home is where the heart is! Isn’t it true? Remember the time when you purchased your first home. The experience, the search, those countless hours of home hunting to get that perfect place as you always wanted. It is one of the most prized possessions that you own in your life.

Are you going to leave it uninsured? Surely not! So get a home insurance plan.

What does a home insurance policy do?

A home insurance policy offers financial protection to the structure and contents of your house by reimbursing the amount of loss. The insurance company pays reinstatement value or cost to rebuild the structure, and for the contents, the market value, i.e. cost less depreciation.

How to renew your home insurance policy?

Home insurance renewal is a straightforward process. Let us have a look at how you can renew your home insurance plans.

  • Head over to your insurance company’s website.
  • Make a note of your existing policy details like number, coverage and the premium.
  • Enter the details of your house like the built-up area and the cost of its reconstruction.
  • If you want to insure its contents too, provide the details for the same.
  • Enter your contact details.
  • Make payment via any of the preferred payment options.
  • And voila! You have your home insurance policy in your mailbox.

But while you renew your home insurance, there are three aspects that you need to consider.

#1 Analyse your need

Buying a home insurance policy for the sake of it may prove to be counterproductive. Instead, if you analyse your requirement and then purchase one, it would help you in the long run. A home insurance is not a compulsory policy that you need to purchase but is always a prudent decision to get one.

While renewing your policy, the situation in which you would have purchased your original policy might differ now. So it is better to reassess your requirement at each renewal date. For example, you might have moved into a bigger house with more expensive appliances. Insuring with a more comprehensive coverage shall be beneficial.

#2 Opt for a comprehensive policy coverage

At each renewal date, you have the option to modify your coverage for the upcoming policy tenure. Depending on your need, you can either increase or decrease the scope of policy cover. For instance, your original plan was a structure only insurance, but if the number of burglaries increases in your vicinity, you can consider adding a content insurance cover too during online policy renewal.

#3 Ensure timely purchase

The adage, ‘a stitch in time saves nine’ rightly describes why you should get a home insurance cover. Continuing the example mentioned above, if you choose to buy an insurance cover after a burglary occurs at your place, the insurance will not compensate you for past events.

Similarly, don’t wait for the last date to renew your policy. Make sure you renew it well in advance to enjoy continued coverage for your home.

When you look for different home insurance plans, a home insurance premium calculator is a nifty tool that can help you compare the premiums for various policies and make that final purchase decision. So be wise and do not wait for the last moment to renew home insurance.

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