It takes years to build a dream home. Be it a condo or a mansion – the toil behind the glam is immense. From choosing the right builder to overseeing every last detail of the building process – it is an overwhelming yet incredibly rewarding experience. The end result is the dream home that you have always wanted for yourself and your family. Yet, homeowners tend to skip an essential step in the home building process – buying the right home insurance.
Picture this: your brand new house is built, contractors are dealt with, the backyard is accessorized and interiors look beyond imagination. In the middle of a night, you are jolted awake by smoke alarms – your air conditioners have caught on fire and flames have engulfed your brand new house.
Losses incurred due to major appliance breakdowns like this are considerable, moreover, these are events completely uncalled for. No amount of extra care, servicing, and maintenance can ensure smooth functioning for a long time.
Be it malfunctioning appliances, water damage, a disastrous earthquake, or an instance of burglary, only robust home insurance can protect you and your home from all these hazards. Buying a home insurance policy is not necessary by law but is definitely a necessity when it comes to safeguarding your home and hearth.
There are two parts of this article. First is a buying guide that covers everything you need to know about buying insurance. And in the second part, we’ll discuss how technology has been a blessing for homeowners in the home insurance landscape.
Firstly, here is the A-Z of home insurance to make sure your home insurance journey is as smooth as jazz.
What does it really cover?
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Home insurance, as the name suggests, protects all your personal property. It essentially covers all third-party liabilities. In popular belief, insurance is only purchased for valuables and expensive items but that would be factually incorrect.
Opposed to common perception, home insurance is not only for your valuables but also includes items like your personal belongings, furniture, garments, electrical appliances, and items of everyday use. An honest, affordable and smart home insurance policy protects all your possessions – not only large, expensive items like jewellery, iPhone, and the latest television but also seemingly inexpensive items like cutlery, clothes, and curtains.
Home insurance does not cover the cost of the land but it does reimburse you for the cost of construction, including the expenses of construction materials, hiring labourers and more.
Your insurance policy may or may not protect you against peripheral risks such as the loss of important documents like your passport.
How do I choose the right insurance policy for me?
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Insurance policies might seem confusing and even intimidating at first but are a necessity to keep your house safe, bank account intact and preserve your peace of mind.
Purchasing a home insurance policy is a big step for any homeowner. Many different firms offer a host of different policies, these policies have many hidden terms and conditions and all this detail can easily make you feel bewildered. Moreover, insurance policies are often expensive.
To make sure you choose the right insurance policy for you, scour the market to shortlist firms that offer coverage options that interest you. Insurance companies often offer customisable options that you may want to keep in mind. Do not forget to check the claim history, financial strength and reputation of the insurance provider.
Once done with this exercise, compare the policies based on the cover, limits, exclusions and the price. Finally, opt for a coverage plan based on your requirements and budget.
When it comes to practical, pocket-friendly and flexible home insurance policies, Lemonade is one of America’s number one choices. Make your insurance journey seamless with minimum paperwork and a world-class service team that is always available for you. You can read more about their policies on their website and the blog section.
How to avail home insurance after a mishap?
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After a disaster has already taken place, without a second’s hesitation, immediately call your insurer to keep them abreast of all happenings. The insurance company will then deploy a surveyor or insurance investigator to examine the possibility of insurance fraud. After insurable interest is identified, losses are assessed and the right documents are produced to help the company identify you as the claimant, a claim settlement will be decided upon as swiftly as possible.
Has technology made buying home insurance easier?
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Buying home insurance is a complicated process, but it doesn’t have to be. With technology and the internet, buying home insurance can be made easier and faster.
Here are 2 major aspects of technology changing the home insurance landscape:
Home insurance companies have mobile apps
You can use these to help you make a claim, check your cover, and more. The app is usually free to download from the Apple Store or Google Play.
The app will allow you to add details about your home and belongings, so that if anything goes wrong, the company knows exactly what it should pay out for.
You can also use the app to check what is covered by your policy and how much cover you have on things like contents and buildings. If you need to make a claim, you can do this through the app too.
Home insurance companies may also offer other services through their apps, such as advice on how best to protect your home against burglary or fire damage. These services are not legally required but they might be worthwhile if they help you feel more secure in your home.
Online quotes are usually instant, and you can compare prices from different insurers
Buying home insurance is a quick, painless process. You can compare quotes online in minutes and buy a policy in less than an hour.
The online process is fast because you can complete the application in your own time, usually from the comfort of your own home. You don’t have to wait for an insurance broker to call you back or make an appointment with an agent.
Online quotes are usually instant, and you can compare prices from different insurers at once. You can also see exactly what each policy covers, which might help you decide which one is best for you.
In conclusion:
A responsible homeowner is one who takes care of his home as much as it takes care of him. And with technology making things easier now, homeowners can now make more informed decisions. As necessary as it is to purchase premium quality fittings for your washrooms and non-toxic paint for your walls, it is important to seal the deal with a comprehensive home insurance policy that will protect the four walls of your home. Purchase a home insurance policy that suits you and be assured of recovering your losses in a jiffy.
