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Can Your Home Insurance be Invalidated? How To Protect Your Policy

The home that you live in is your most valuable asset. In the uncertainties of life, it is good to have financial protection for your home and its contents. Home insurance protects your home from man-made and natural disasters. In unforeseen scenarios like these, home insurance acts like the financial cover needed to protect against any damages.

If you are considering buying home insurance, here are some do’s and don’ts to know beforehand, to make an informed decision:

Do’s for home insurance

  • Keep documents handy

When you are buying home insurance, you are required to submit a copy of the ownership or rental agreement of the home you want to insure. The documents reflect all the information that the insurance company needs to offer you home insurance quotes. Also, while filing the forms, take your time and ensure that you will the details accurately to avoid any hassles later.

  • Compare and choose the policy

With so many insurance companies out there, it is difficult to filter the best one. Make use of online tools like a home insurance calculator and websites that compare each aspect of different policies. Also, know your requirements well in advance so you know exactly the type of policy you are looking for.

  • Understand the terms and conditions

Whenever you buy home insurance, you must be well aware of the fine print. From the fixed sum assured that you have agreed to the premiums for it, you must know all the terms and conditions of your plan. Knowing all the terms and conditions of the insurance beforehand leaves no room for ambiguity. It ensures that whenever you file a claim, you do not face any problems.

Don’ts for home insurance

  • Do not hide or mislead the insurance company

When you are buying home insurance, the insurance company will ask you to fill in details about your house. Misinforming, conceding facts, or overvaluing the property intentionally are considered fraudulent activities. It is important to state the truth and be clear to avoid any problems at the time of claim. Also, use a home insurance calculator to get an estimate of your premiums and choose an amount that you can pay with ease throughout the policy duration.

  • Do not assume that insurance covers everything

When individuals buy comprehensive home insurance, they assume that insurance will take care of everything. However, if you read the fine print, you may realise that even in a comprehensive plan, there are some exclusions. It is important to know what is covered and what is not covered by your insurance provider before buying a plan.

  • Do not randomly choose any add-ons

The home insurance quotes depend on several factors, from the value of your house to the coverage you have selected. Along with your basic insurance, you have the option to pick covers that provide additional benefits that you require. Do not make the mistake of choosing the add-ons in a hurry. Instead, give it a thought and choose the covers that specifically meet your requirements.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.