• While evaluating home insurance policies, many individuals consider the pricing aspect. The cost of property insurance is indeed significant; however, it should not be the sole factor in selecting an insurance policy. When assessing quotes from various insurers, it is important to review their coverage to fulfill your needs. A home insurance policy protects the structure of the home and its belongings. In addition, a home insurance policy also safeguards your home from unforeseen incidents such as natural disasters, theft, burglary, and fire.

What Does Home Insurance Cover?
When you obtain a home insurance policy, you receive coverage for the following:

1. Fire Accidents: Accidents are beyond our control and can result in substantial financial losses. Particularly in the event of a fire incident in the home, it can inflict significant financial hardship. Therefore, it’s wise to secure property insurance to restore your home following a fire accident.
2. Thefts: There are no warnings prior to any theft incidents occurring in your home. A home insurance policy will cover losses from theft, thus assisting you during challenging times.
3. Electrical Breakdown: A home insurance policy also covers breakdowns of electronic appliances and gadgets.
4. Natural Calamities: Earthquakes, floods, or other natural disasters can result in damages that can erase your years of savings in a brief period. A home insurance policy will help mitigate the financial strain and assist you in managing these unexpected situations effectively.
5. Alternate Accommodation: You may need to leave your home and reside elsewhere due to a fire accident or other accidental damages, which can lead to unexpected expenses. Alternate accommodation coverage provides you with a temporary place to stay until your home is habitable again.

Why Home Insurance Quotes Differ?
It is recommended to purchase a home insurance policy with a sufficient sum insured to facilitate the rebuilding of the house. The premiums quoted for home insurance policies vary for the following reasons:

• The reconstruction cost does not account for the land value.
• Home feature measurements are based on insurance specifications.
• The choice of additional features selected with the home insurance policy significantly influences the premium.
• Insurance companies also consider the location and area of the house when determining the premium.

Factors to Consider While Comparing Home Insurance Premium
Type of Plan:

• The plan type you select for the home insurance policy should be the primary factor in comparing the quotes. You can opt for a home insurance plan that covers either the content or the structural cost of the property. It is recommended to choose a comprehensive home shield insurance policy that covers both the structure and contents of the house.

Coverage of the Policy:

• The coverage provided by the home insurance policy should align with your needs. For instance, if you reside in a flood-prone region, it is advisable to purchase a policy that includes flood coverage.
• How to Save on Home Insurance Premiums

Smartly Choose Coverage:

• Be careful when selecting additional coverages for your home insurance policy. Opt for coverage that aligns with your needs along with your home insurance policy. By adding coverage, the level of protection for your home will increase as well as the premium.

Purchase Policy Online:

• Buying a home insurance policy online will help you save both time and money. You can receive a 10%* discount if you obtain HDFC ERGO Home Insurance Policy online. Additionally, if you are a salaried worker, HDFC ERGO will grant you an extra 10% discount on your home insurance policy.

Install Security Equipments:

• You may also have the ability to lower the premium by installing safety equipment such as fire fighting devices in your home. A home lacking security or protective measures will receive a higher premium quote from an insurer compared to a home that is equipped with adequate safety precautions.

Conclusion

• It is always preferable to insure your home with property insurance. Unexpected events or situations can result in losses that could deplete years of your savings. Therefore, as a preventive step, it is wise to have a home insurance policy. When comparing quotes from various insurers, pay attention to plans and coverages that suit your requirements. Unnecessary additional coverage will raise the cost of the premium.

Disclaimer:

• The above information is for illustrative purposes only. For further details, please check policy wordings and prospectus before making a purchase decision.