how to apply for home insurance
Home Insurance

Understanding How to Apply for Home Insurance

Everyone loves their home, a place they can freely and openly share with their loved ones. A home offers an individual a sense of safety and can be their most important asset. It is natural for people to want to keep their safe space secured against a natural or human-made crisis. A home insurance policy allows you to do just that.

Home insurance is a plan that can safeguard your home against any financial burden resulting from various events, including earthquakes, floods, fires, and burglary. Moreover, you can get this insurance plan for a rented house.

Steps to apply for home Insurance

Undertaking the purchase of a home insurance plan can raise numerous questions like ‘how to apply for home insurance’ or ‘how to apply for homeowner’s insurance’? To answer these questions, you can apply for and purchase home insurance online as well as offline very easily. However, you must look into the different options available to you to make an informed decision. Some of the key aspects that you should consider while purchasing a home insurance policy as well as features of this plan are presented here.

1. Assess the value your house and homely possessions

To apply for a home insurance plan, you must determine the value of your house as well as its contents. If your homely possessions are underinsured, some insurance providers can reject your home insurance claim even when your claim amount is less than your insurance amount. To avoid such an instance, you can opt for a structural audit to estimate the value of your home. The value of your possessions is estimated on the basis of their resale price.

2. Compare the premiums of various home insurance plans

Different insurance companies offer different rates and discounts for premiums. Thanks to the advancement of technology, you can easily compare the premiums offered by various insurance providers online. If the cost of premiums for any insurance company is unavailable online, you can contact the insurance provider to get a quote from them. This thorough review can help you determine the best home insurance for you. Some insurers also offer discounts for home insurance policies purchased for a term of longer than one year.

3. Look at policy inclusions and exclusions

In addition to the premium rate, you can also look at how the premium is calculated by an insurance provider; you can consider the various aspects considered to get the quote. Moreover, you must check the inclusions offered by an insurance provider and exclusions for the home insurance policy. You must select a plan that provides you with most inclusions and limited exclusions. Doing so can help you get a plan with the best benefits against the premium paid by you.

4. Determine the term for the plan

Unlike most insurance plans, home insurance does not come with a predetermined term by the insurance company, i.e., you can determine the long term period for your home insurance policy. Most insurance companies offer home insurance with a term period of 1 to 10 years. Moreover, some insurance providers also offer discounts on home insurance policies purchased for several years, and at times, this discount can be as high as 50% of your entire premium amount.

5. Purchase of the chosen plan

Once you have reviewed the home insurance policies available in the market and selected a plan, you can either buy the policy directly online or contact your chosen insurance provider and buy it offline. Many insurance companies offer their home insurance policies online to make their customers’ experience seamless.

Reviewing the policy terms

While thinking over ‘how to apply for home warranty insurance’, some people may tend to disregard the terms of conditions of their policies. The policy terms is one of the most crucial aspects of home insurance. Unlike for many other types of insurance, you can decide the term for your home insurance.

The term offered by various insurance companies may differ, but the most commonly offered term options for a home insurance policy are between 1 and 10 years. Furthermore, many insurance providers offer discounts on premiums for the home insurance policies bought for a long term. This discount can be as high as 50% of your premium rate.

Along with the policy term, conditions should be reviewed in detail before purchasing it. The policy conditions can give you an insight into various features of the policy, such as inclusions and exclusions as well as events covered in the plan.

Explore the home insurance claim process

In an event of a natural calamity, like earthquake or flood, or a human-made crisis, such as fire or theft, your home insurance not only provides you with much required financial support but also can relieve your and your loved ones’ stress to a great extent. Similar to most other types of insurance claims, for house insurance also you have to follow the protocol set by your insurance provider for raising the claim.

You may have to submit some documents to your insurance provider in order to raise the claim for your home insurance ; these documents may include first information report (in case of a burglary) and photos or videos showing property damage. Some insurance providers may understand that a stressful situation like damage to your home may take a toll on you and help you facilitate your claim request; Bharat Griha Raksha policy is one such policy.


How can you apply for home insurance?

You can buy a home insurance policy online by visiting the website of your selected insurance company or offline by contacting your insurance provider directly.

Who can buy a home insurance policy?

Homeowners as well as tenants renting a property to stay can buy a home insurance policy. Some policies provide owners with coverage for the home as well as possessions, whereas the policies for tenants offer coverage for their belongings.

My building is insured by my society. Should I buy an independent home insurance plan?

Your society insurance may only offer you’re a limited cover. You should opt to purchase a separate home insurance plan to ensure that your property and belongings are completely covered in all situations.

How is the assured sum for home insurance estimated?

The sum assured for home insurance is calculated by using the following formula:

Sum assured = Carpet area × construction cost per square foot

The construction costs for your house is generally determined by your insurance provider depending on various factors such as the location of your house and city.

Can I increase the sum insured in my policy?

Yes, you can get a higher sum insured for your policy simply by paying an increased policy premium. This increase in your premium is decided by your insurance provider and depends on the extra amount you wish to add to your assured sum.

Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.

Looking for the right policy?

Manage Your Policies at Fingertips

Avail Your Insurance Benefits on the go with SBI General Mobile App

Download the App Now

qr code
apple play storeplay store