Owning your own home is both financially empowering and an emotionally charged equity. It took a roller coaster ride to get here and you deserve to beam with pride and joy for making it happen. You no longer have to worry about home rentals in retirement. You have a legacy to leave behind.

Your home is not just bricks and concrete. At the same time, it’s not just the stories and memories you will build here. It’s the sweat, tears, dreams you gave up, crisis and hard times you endured to secure your little space on earth. One that you and your family can call your own. Insuring this emotionally priceless asset is the next step. 

Home Insurance or commonly called as HomeOwners’ Insurance has a broad range of policies like SFSP (Standard Fire and Special Perils Policy), Home Structure/Building Insurance, Burglary & Theft, Contents Insurance, Tenants’ Insurance, Landlords’ Insurance and so on.

To help you make an informed decision, read on to find out how you can buy the right homeowners’ insurance.

A. Understand the policy

People purchase insurance policies for different reasons.  

Before you set out to purchase an insurance coverage for your home, follow these steps: 

1. Ask yourself what do you want the policy to cover? 
2. How much is your house currently worth? 
3. What kind of insurance provider do you wish to sign with?
4. How much premium can you afford to pay? 
5. How much insurance protection does your house need to be adequately insured?

Be aware of the contents and fine print of the policy you choose. What the policy offers, how will you benefit and what coverage is provided. Some people go all the way and examine finest detail before purchasing a policy.

B.Compare before you commit

Here are some things you should know about home insurance policies before you commit to buying one:-

1. Your home size, condition, location and prerequisites will define the insurance coverage and premium you will need to pay.
2. Each company will have a different set of risks they cover. This will vary from brand to brand. 
3. You can insure a purchased property as well as rental property. The contents for each of them will differ as per need and offering. 
4. A typical insurance will likely cover ten probable causes, some of which will have to be purchased as riders at an additional cost. This includes larceny and theft, damage due to fire, loss due to earthquake etc. Some damages are a mandate while there are options to choose what damages you want the insurance to cover. 
5. The policy will cover the expense of construction. This is determined by multiplying construction charges by respective city into carpet area size of the house. The policy does not provide coverage for the cost of the space. 
6. Insuring the furniture and valuables in your home is also possible as a separate benefit or in a policy which includes insurance for structure and contents.

If you’ve your reason, ‘why’ you wish to purchase home insurance and ‘what’ you want it to cover, buying insurance will be an easy and hassle free task. If you want to get expert help in assessing your financial standing and charting best possible solutions to your financial challenges, reach out to our financial planners today.