by Jason Davis
Published Sat, Jan 6th 2018, 03:23 | Finance
Moving into a new home is a very happy moment but it can also burn a hole in your pockets. The expenditure involved is not limited to the massive cost of the house, the décor, essential items, and payment of home loans. You would also need a home insurance to cover you from fire, wind, hail, flood, theft, etc.
While home insurance premiums feel like an additional strain on the finances, in the long run the insurance can safeguard you against losses due to potential risks to your home. Let alone insurance costs, the process of getting an insurance policy itself can be very tedious and cumbersome.
Getting a free instant home insurance quote
There are various ways in which you can approach a home insurer to get a quote. In the traditional way, you would visit each insurer’s office, speak to the representative there, work out your coverage required and premiums payable. You would then either collect the brochures, documents and leave to return another day to complete the paperwork and formalities or take the policy the same day.
Another way to go ahead with home insurance is through your financial consultant who would assess your financial position and advise you of the best option for you. If you’re taking a home loan, very often the bank providing the loan would put you in touch with the home insurance representative within the company.
You can also get a free instant home insurance quote right from the comfort of your home. Fill up the online form on the respective organization’s website. There would be a questionnaire to determine the financial position, the nature of your ownership, risks to your property and kind of coverage you would need. Based on this information, you would get the best quote at the click of the mouse.
There are several portals available that compare the policies offered by different insurers, their coverage, terms, offers, premiums etc. It’s a good idea to use this information for getting your home insurance. You should also look up reviews of the companies online. Also look for their claim settlement mechanism, frequency, and conditions. After investing in the premiums all the years, you don’t want to have your claim rejected when you really need it.
Choosing the ideal home insurance policy
Don’t just settle for the lowest quote. It’s also not advisable to be short-sighted with an eye only immediate benefits and ignoring long terms implications. Compare the quote on basis of affordability, coverage, discounts, terms, and conditions. Do a cost-benefit analysis before finally zeroing down a policy.
Irrespective of whatever quote you are given, try to bring it down. You could ask the company to do a credit check if you have a good credit score. Avoid taking a comprehensive coverage which is more than what you would need. You would simply increase your costs for something you don’t really need. Having a good home security system will reduce the risks to your house and can also help you avail discounts.