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Quick Tips Before Renewing Your Home Insurance

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Published on July 26, 2021. EST READ TIME: 3 minutes

Home insurance coverage has become rather popular lately. These policies provide you protection for damages or losses incurred to your home or your possessions, in the event of unforeseeable disasters, calamities, fires, burglaries and other similar hazards. It is rather easy to check the details of the several available products in the market to decide upon which is ideally suited for your domestic needs.

The home insurance policy is renewable at the end of each term and before renewal, it is worth reviewing whether you are getting the best that you can, from what the market is presently offering. In the forthcoming sections, we will examine some of the important factors to be considered before you renew your policy term.

Important Points to Consider Before Renewing Home Insurance

• Premium Rates

  Before renewing your home insurance for another term, it is good to note if the premium rates have gone up and if yes, how significantly. The reasons for an increase in premium can be owing to several factors like overall inflation, change in service charges, change in risk profile or due to previous claim reimbursements. Check and compare the details. It is usually suggested that if the premium has gone by more than 10% then you might be better off looking at other options with similar coverage criteria.

• Check for any changes in inclusions/exclusions and overall coverage

  While professional home insurance providers send regular mailers regarding any changes in their policy coverage, it is still important to conduct your own due diligence before renewing it. Be thorough to compare it with your existing coverage. This is of all the more importance to homeowners who might be thinking of repairs and upgrades.  For tenants, it is important to check the list of personal possessions included in the coverage and that the sum assured is appropriate for all objects included.

• Align your coverage to reflect your present situation

  Tenants might have moved to a larger accommodation, homeowners might have made structural upgrades, you might have bought new possessions like jewellery or appliances; your new coverage should reflect and include all such purchases and their value. This can also result in a higher premium since the coverage has increased and needs to be duly considered while renewal.

• Check for Liability Coverage

  This is an often ignored aspect of home insurance, but can be very beneficial especially for homeowners. Under this, you get insurance cover against claims or lawsuits in case any accidental injury or damage is caused to a third person within the premises of your property.

How to renew Home insurance online

By now you should have reviewed all the important factors involved and be ready with your decision on whether to renew. The renewal process these days is rather swift and hassle-free and can be easily completed from the convenience of your home. The typical steps involved are as follows:

• Login to the insurer’s website using your existing policy credentials
• Provide details of the house size and any costs incurred in reconstruction efforts
• While opting for the possessions coverage, fill in the list of items to be included and their costs
• Choose the desired coverage period
• Make the payment using one of the several online modes
• Receive the renewed policy statement and keep it safely archived

Disclaimer:  The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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