Why do you need homeowners insurance to buy a home in Navi Mumbai?

“Home is a place your feet may leave but your heart will always be”

Your home is place where you cherish every moment whether it is togetherness, hopes, dreams & more. That’s why to make sure it remains precious, you need to guard it against unpredictable problems. Homeowners insurance is a type of insurance which aims to protect your home and household possessions against any damage which may be caused due to natural disasters or man-made problems like fire, theft or vandalism.

You never know when accidents may occur, but in case if your home catches fire wouldn’t you look for some solution which helps you to cover the losses? Hence, whether you’re a tenant or a home owner, a home insurance is a necessity. When you buy a home in Navi Mumbai, it is significant you invest in either basic fire insurance or a comprehensive policy.

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When you’re buying a home insurance, here are three things to keep in mind:

  • Typically, a home involves various hidden costs including stamp duty, brokerage fee, vat, maintenance & more. However, home insurer companies do not take into account these costs, it covers only the building cost. If you’re living in a co-operative housing society, then it is recommended to get the entire building insured or if have a row house on your own land, then it is necessary for the home owner to get it insured.
  • During the process of buying a home insurance, you need to make sure that you’re very well-informed about the claim process because an insurer would thoroughly examine damaged possessions of your home. Insurers will most likely refuse to grant a claim if you have not maintained your property in proper condition or it is an unauthorized construction.
  • A home insurance can be availed in two ways: depreciated cost basis and reinstatement basis. Reinstatement is the value of reconstruction, which does not include the depreciation cost and the claim is approved only when a home is reconstructed. In case of depreciated cost, an insurer will depreciate market value by 2% p.a.

How to select an home insurance for buying a home in Navi Mumbai:

Company evaluation:
Once you have decided to proceed ahead with home insurance, make sure you do a complete evaluation of the insurance companies. Is the company offering a policy which fits your bill? Select a company with friendly staff who can assist you anytime when a crisis strikes.

Evaluate premium and coverage:
It is recommended that you do not finalize on premium amounts blindly. Evaluate the risks your home might face. Choose a policy which includes premium that fits your budget easily.

Claim process:
Often, insurance companies are perceived as notorious with regards to claim settlement. Some companies show a good turnaround time for claiming process. Check for settlement record of the insurance companies before selecting one.

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