Home insurance, or property insurance, is a kind of insurance that helps protect you financially if your house or belongings are damaged or lost. It covers the cost of repairing or building your home and replaces your items. The amount paid for repairs to your home is based on the “Reinstatement Value”, which means the cost to rebuild your house. For the contents of your home, the compensation is based on their current market value, which takes into account depreciation (How much their value has gone down over time).
If you already have home insurance and it’s about to expire, it’s important to renew it quickly to keep your coverage in place. While renewing your home insurance can be simple, it requires careful planning. Unlike car insurance, home insurance isn’t legally required, so it’s easy to overlook. If you, however, don’t renew it, it may lead to problems in the long run.
Benefits of Renewing Home Insurance Policy on Time
Here is a list of the potential reasons to renew your home insurance on time. Let’s take a look at them.
Save Money & Avoid Higher Costs
One of the major benefits of renewing your home insurance policy on time is that it can help you save a lot of money. If you, however, miss the renewal deadline, you may be required to purchase a brand-new policy, which is often more expensive. Remember that timely ensures that you continue to benefit from your existing plan without any price hikes.
Boost Confidence in Potential Buyers
Another major benefit of renewing your home insurance is that it can boost confidence in potential buyers. Although home insurance is not transferrable to a new owner, having a valid policy reassures potential buyers. It shows them that you are a responsible homeowner who maintains the property and never misses renewal deadlines. Furthermore, it could give them confidence that the home is in good condition and well-cared for, which may help in the selling process.
Stay Updated on Your Home’s Value
Another major highlight of renewing your home insurance on time is that it may help you keep track of the current value of your home. During the renewal process, your insurance company may update the valuation of your home, which keeps you informed about its current market worth. It could be incredibly useful if you ever plan to sell the house, as you will have an accurate idea of its value.
Secure Your Home for Future Generations
Last but not least, if you renew your home insurance without delay, your property will stay protected for the long term. Owning a home is a lifetime investment, and keeping the insurance policy updated helps protect it from potential risks. Furthermore, it ensures that future generations will get a safe and well-maintained home with fewer worries.
How to Renew Your Home Insurance Policy Online?
If you want to renew your home insurance policy online, follow these steps.
- In the first step, you will need to visit the official website of Probus Insurance.
- After that, navigate to the home insurance section, where you will need to enter your details, such as policy number, name, policy name, and more.
- Then, you will need to click on “Renew Policy”. After that, you will need to review your plan and proceed.
- In the next step, you will need to enter, add or remove any particular add-on as per your needs. Now, it will show you the final premium amount.
- After that, you will need to pay the premium amount using a credit/debit card, net banking, UPI, etc., at your convenience.
- In the last step, the insurer will send you a confirmation message on your registered mobile number as well as a confirmation email.
Final Thoughts
So, there you have it! That’s a wrap to the steps to renew your home insurance online. It is no secret that the renewal of your home insurance policy is based on the type of plan you have. If your policy is set to expire in a year, it’s essential to renew it a few weeks or even months before the expiration date listed in your policy. However, on the other hand, if you have a long-term plan, you can avoid the hassle of annual renewals and enjoy continuous protection for an extended period. When you stay proactive with your renewal, you can keep your home and belongings secure against potential risks.