• Every homeowner or tenant is recommended to protect their dwelling with the most suitable home insurance policy, as it safeguards your property against incidents such as fire, natural disasters, theft, or any unexpected occurrences. In addition to this, it is essential to renew your home insurance each year. To renew a home insurance policy, you must first be aware of the expiry date stated in your home insurance policy. In this article, we will inform you about everything essential for renewing home insurance annually.

Types of Home Insurance Policy:

Bharat Griha Raksha

Bharat Griha Raksha is a standardized home insurance policy that the Insurance Regulatory and Development Authority of India (IRDAI) mandated every insurer to offer starting April 1, 2021. Bharat Griha Raksha is a home insurance plan that provides protection against loss, damage, or destruction of the home building and its contents due to fire, earthquake, flood, and other related risks. It also includes built-in add-ons, such as terrorism coverage and rent for temporary accommodations. Furthermore, the valuable contents of the residence can also be insured under Bharat Griha Raksha for up to 5 lakhs of the sum insured.

Home Shield Insurance

Home Shield Insurance provides extensive coverage for your belongings for up to five years against nearly all unforeseen events that can disrupt your peace of mind. Additionally, HDFC ERGO Home Shield Insurance covers the actual value of the property as stated in the property’s registered agreement. It also presents optional covers to tailor the plan to fulfill your specific needs. Moreover, you have the option to purchase add-on covers by paying an additional premium.

Do you need to Renew Your Home Insurance Policy Annually?

If your policy offers home protection for one year, you are required to renew it annually. However, if it is a long-term policy, you are relieved from the burden of renewing the policy each year.

Why Should You Renew Your Home Insurance Policy on Time?

Here are some advantages of renewing your home insurance policy promptly:

• Renewing your home insurance policy on time saves you time. If it is not renewed before the expiry date, the insurer will require you to purchase a new policy, which can be costly.
• While home insurance policies are non-transferable, if you sell your property, your prospective buyer will appreciate knowing the status of the home insurance policy. They will see you as a responsible seller who consistently meets renewal deadlines, which reassures them that the home is free from damages.
• Timely renewal of your home insurance policy helps you stay informed about your home and the value of its contents. During the renewal process, there will typically be some form of re-evaluation of the valuation metrics, keeping you informed about the current value of your home, which can also aid you when you intend to sell the property.
• The primary advantage is that your residence becomes safeguarded for your future offspring. Purchasing a home signifies a lifelong investment. Timely renewal of your home insurance policy guarantees that your property is well-cared-for and protected from various risks.
  Conclusion
  India is susceptible to natural disasters like storms, floods, etc. , which can deplete years of earnings in mere seconds. Therefore, it is recommended to protect your home with the best home insurance policy. You may consider HDFC ERGO home insurance policy, which insures home structures valued up to ₹ 10 crore.
  
  Disclaimer:
  The information presented above is for illustrative purposes only. For further information, please consult the policy wordings and prospectus prior to making a purchase decision.