A Home Insurance policy protects your home against risks like fire, theft and water damage. The policy is usually sold as a single policy and includes buildings insurance, contents insurance, all-risks cover, and liability insurance. For the policy, you need to pay a certain amount as premium. The premium which you need to pay for the policy is calculated on the basis of certain factors like value of building and its contents along with others.

When buying a home insurance policy apart from the coverage offered, the premium which you need to pay also needs to be considered. As such, checking and comparing the premium which you need to pay has to be factored in. While you can compare the policies offered by other insurers and get to know the benefits, to know the exact premium you need a home insurance premium calculator. It will enable you to get a home insurance policy at an affordable price.  

When calculating the premium for a home insurance policy, the factors which play a part are mentioned below. Let us look at them in detail

Sum Insured

The premium payable for the home insurance policy is directly dependent on the sum insured. If the insured value is on the higher side, the premium will be high and vice versa. If you wish to insure the house and the contents located in the house, the insured amount is bound to be high which will result in a high premium.

Location of the house

The location of the house also plays an important part when it comes to the premium payable for availing a home insurance policy. This is because insurers usually charge a higher premium from homeowners whose house is in areas that have a higher chance of theft, burglary or damage due to natural disasters like flooding.

Type of cover chosen

When it comes to home insurance premium, the type of cover you chose and discounts offered by the insurer also needs to be factored in. It can substantially reduce the premium even though the sum insured is on the higher side.

Tenure of the policy

The tenure of the home insurance policy also affects the payable premium. If the tenure is long, the premium will be on the lower side and vice versa.

The Home Insurance premium calculator is important because apart from allowing you to check the premium which needs to be paid for a home insurance policy, it offers the following benefits:

No need to get in touch with an insurance agent

The home insurance premium calculator will make sure that you do not need to depend on an insurance agent. You can evaluate policies offered by other insurers and select a plan which suits your requirements.

Get to know the premium based on the coverage type you choose

With the help of the calculator, you can compare the premium based on the coverage you are looking for. You can get to know the premium based on the covers offered by the insurer. 

Ability to compare and choose

You can compare the premiums charged by competitors for a home insurance policy using the calculator. It enables you to choose the plan which offers maximum coverage at an affordable price. 

To calculate home insurance premium on the Digit website, you need to follow the steps listed below:

Step 1 – Visit www.godigit.com and go to the ‘Home Insurance’ page. There, select the appropriate property option.

Step 2 – Enter details like mobile number and pin code. Next, click on ‘View Prices’

Step 3 – Key in other details like area of the building, rate per sq. ft., value of building and its contents and click on ‘Confirm’. Once done, premium for 1-year plan excluding GST will be displayed on the screen.