The online renewal process is as simple as ordering a pizza. Even the delivery is quick!
What Does a Home Insurance Policy Do?
Home insurance financially safeguards you against losses to the structure of your house and/or the contents of your house by reimbursing the amount of loss. The structure is insured based on the re-instatement value (cost to rebuild) and the contents are insured based on the market value (current value less depreciation).
What Should I Do to Renew my Policy?
You can renew your home insurance policy in no time by following these eight steps:
- Visit your insurance provider's website
- Key in your existing policy number
- Provide details of the built-up area and cost of re-construction
- Provide details of value of contents (if opted for)
- Fill out contact details
- Choose the duration of the coverage
- Make a payment via a debit card, credit card or net banking
- Receive the renewed home insurance policy via email
Besides these, the following tips would help you get acquainted with a few aspects of insuring your house before renewing your policy.
Have an Analytical Approach
Renewing your home insurance might be a simple process but it demands an analytical approach. Unlike motor insurance, home insurance is not mandatory. Hence, merely going through the motion and renewing it blindly may prove counterproductive in this case.
Generally, people avail home insurance policies on an annual basis. The situation in which you availed the home insurance a year ago might be quite different than your current circumstances. For example, you may have shifted to a bigger house with more gadgets and expensive interiors. It would be wise to insure such high-value contents, wouldn't it?
It is imperative to view the policy coverage keeping in mind the present needs. If a major change is on the cards, considering your future needs might also be a good option.
Go For a Comprehensive Cover
Renewing the policy also offers the opportunity to change your coverage. You can either cut it down or strengthen it by availing a comprehensive insurance cover. For example, you might have opted for Structure Insurance earlier but recent incidents of theft in the vicinity might prompt you to go for Contents Insurance as well.
One can also opt for additional covers like Terrorism Cover and Additional Rent for Alternate Accommodation.
Make a Timely Decision
Contrary to the general perception, you can renew your policy at your convenience. Renew it in advance instead of waiting till the last day of the policy term. A non-renewed policy is as good as not availing an insurance policy. In fact, it could even be depressing as losses incurred during the period in which you were not covered will be attributed to your laziness.
While some may not have the opportunity to be familiar with the nuances of investing in or renewing a home insurance policy, you have. Make most of this knowledge to protect your finances and avail an online policy from anywhere at any time.