Following the growing trend of online shopping, insurance providers have started to offer their policies for customers to purchase online. Buying insurance policies online is quick, easy, and hassle-free so you do not have to worry yourself with visiting an insurance company or scheduling an appointment with agents or brokers. Despite all the advantages that buying insurance online offers, you still need to know exactly what to buy and how to buy it better. The perfect example of that is home insurance.
To apply for a home insurance policy online, it is imperative that you do some research on the policies available online. Different insurance providers have different types of policies, each with some unique features. Once you have decided which policy is most suitable for your needs, you can proceed to purchase the policy online. But before you figure out how to buy home insurance, you need to understand what home insurance is.
What is home insurance?
Home insurance, or property insurance, covers your home and its contents against damages or loss. It is natural to not want something bad to happen to your home because a home is where the heart is. However, unforeseen accidents can strike at any time. Over the past few years, natural calamities like floods, cyclones, earthquakes, have become more common and come unannounced. Incidents such as this can cause irreparable damage to your home. Just one incident can cause great damage to your home and its contents. There are also man-made incidents that can cause damage to your house. For example, faulty wiring and fires in the kitchen are unforeseen hazards to your residence. * Standard T&C Apply
Steps to buying home insurance online
Here are the basic steps in purchasing a home insurance policy online:
- Log on to the website of the insurance provider.
- Use the home insurance calculator to get an idea of the type of coverage you need to buy.
- Based on the results of the calculator, compare and select the policy you wish to buy.
- Once you have selected your policy, click on the ‘Apply Online’ or ‘Buy Online’ button.
- To apply for home insurance online, banks need information about the property you want to insure. For example, you may be asked to provide details such as:
- Whether the property is rented or your own accommodation
- The term of the policy
- Whether you want coverage for just the structure or the structure and its contents.
- Details about the property such as location, property age, type of home, sum insured, built/constructed area, etc. are provided.
- Your own details like name and contact number.
- After entering those details, you will get an estimate of the premium to be paid for the policy you have chosen.
- Once you have checked and confirmed all the policy details, you can purchase the policy by making an online payment.
By following these simple steps, you can buy a home insurance policy within minutes from the comfort of your home. While buying online is extremely convenient, it is still a new experience for many. Hence, it is important to be cautious and sure while buying a policy. For example, make sure you get home insurance quotes from the insurance provider before making the purchase. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.