Home Insurance Premium Calculator
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Home Insurance Premium Calculator Online
Protecting your home from unforeseen risks like fire, theft, natural disasters, or structural damage is essential—and finding the right coverage starts with understanding your costs. A home insurance premium calculator is a powerful online tool that helps homeowners estimate their insurance premiums instantly based on property value, location, coverage type, and other key factors.
Whether you're insuring a flat, villa, or independent house, the property insurance calculator simplifies the process of comparing policies and choosing the most affordable and comprehensive home insurance plan tailored to your needs.
Table of Contents
What is a Home Insurance Premium Calculator?
How Does a Home Insurance Calculator Work?
Let's understand how a home insurance calculator works with Amit's example:
Amit, a 35-year-old man from Bangalore, owns a 2BHK apartment worth ₹80 lakh. He wants to protect his house and belongings from fire, theft, and natural disasters.
Amit plans to buy a home insurance policy but is unsure about the premium amount. He uses a home insurance calculator by Entering his property type, location, and built-up area.
He adds the home structure value (₹80 lakh) and contents value (₹10 lakh) and selects the coverage duration and clicks 'Calculate Premium'.
Within seconds, Amit gets an estimated annual premium of ₹11,251 (excluding GST) for a total cover of ₹90 lakh.
How to Use a Home Insurance Premium Calculator Online?
Using a property insurance premium calculator, you can easily find a rough estimate of what you will pay for your home insurance policy. To use it properly:
Enter Basic Details
Start by entering your PIN code and phone number. This will allow the insurer to determine risks based on the location of your home and follow up with you, if needed.
Select Property Type
Select whether you are the homeowner or a tenant. You'll need coverage for the building and contents if you are the house owner. If you are the tenant, your policy will cover your belongings only.
Provide Property and Contents Value
For an owned house, enter house value(rebuild cost), Household items value (furniture, electronics, appliances), and Carpet area (total usable floor space). For rented homes, enter the value of your belongings.
Choose Your Policy Tenure and Add-Ons
Select a policy duration that suits your needs. Also, you can select additional covers, like rent cover, alternate accommodation cover, or valuable items cover, for extra protection.
Calculate Premium and Finalise Your Policy
Once you've entered all the required details, click the "Calculate Premium" button. The calculator will instantly display your estimated premium. Alter any details if needed, and when ready, you can purchase the policy online if you are happy with the premiums and coverage.
Why is it Important to Calculate Your House Insurance Premium?
Here is why it's essential to calculate your home insurance premium:
What are the Factors Affecting House Insurance Premium Calculation?
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.
Real-Life Scenario/Example of Home Insurance Calculation
Let's look at some of the real-life scenarios:
Pavithra, a 40-year-old woman living in Chennai, owns an independent house with a built-up area of 2,000 sq. ft. The reconstruction cost of her home is ₹75 lakhs, and she estimates the value of her household contents (furniture, appliances, and electronics) at ₹20 lakh.
She wants to secure her home against fire, burglary, floods, and earthquakes using a home insurance calculator to understand her annual premium.
- Inputs Property Details:
- Property type: Independent house
- Location: Chennai
- Built-up area: 2,000 sq. ft.
- Adds Coverage Values:
- Structure: ₹75 Lakhs
- Contents: ₹20 Lakhs
- Select Coverage Duration: 1 year.
- Final Premium: The calculator estimates her annual premium at ₹1188 for a total coverage value of ₹95 lakhs.
This estimate helps Priya understand how her coverage value directly affects the premium. With this, she can compare policy features and finalise a plan that fits her budget and gives full protection.
Disclaimer: The premium mentioned here is for illustration purposes only. Actual premium values may vary depending on insurer rules, add-on covers, and property risk factors.
Things to Know Before Using a Property Insurance Premium Calculator Online
A home insurance calculator will estimate your premium based on the information you have entered. To help get reliable estimates, consider these points:
Type of Home (Owned or Rented)
If you own the house, you can obtain coverage on the house and its contents. If you are renting, however, you typically will only cover your belongings. This can significantly affect the premium amount.
Sum Insured for the Building
The calculator needs the rebuild cost of your home, rather than the market price. The market price includes land value, but insurance relates only to the cost to rebuild the property should it be damaged.
Value of Household Contents
You will need to estimate the value of your contents — furniture, appliances, electronics, and valuables. The higher the value you specify, the higher the premium will be.
Carpet Area or Home Size
Your home's size directly affects the premium. Larger homes cost more to rebuild; the system must know the correct carpet area to calculate accurately.
Location Risk Factors
The location of your home matters. Properties more prone to floods, coastal risks, or earthquake areas will generally cost a higher premium. The calculator requires your correct PIN code to make your premium reasonable.
Policy Duration and Add-Ons
Policies that extend for longer periods or have additional covers such as rent, valuable contents, or accommodation rent will also have higher premiums.
Deductibles and Coverage Limits
Some calculators allow you to change deductibles, lowering the premium and increasing your out-of-pocket when you file a claim.
Why Choose Digit for Home Insurance?
Super-Simple Claims
When you think about insurance, you think about claims. With us, when you file a claim, you can expect a smooth, easy and quick process not to delay loss any further and to serve you better.
Zero Documentation
Don’t worry about the paperwork in your insurance anymore! Now you can easily buy your home insurance and make claims without any hassle! (Note: Claims above 1 lakh need manual inspection as per IRDAI).
Affordable Premium
Our Home Insurance policy starts from ₹150/year*. We’ve made our policy super affordable to protect your home and its contents. After all, it’s about protecting one of your most prized possessions!
Committed & Clarity
Transparency and simplicity are what we stand by. That’s why with us, there are no hidden clauses. We’ve simplified our documents for even 15-year-olds to understand them.
Loved by Customers
We are trusted by 3 Crore + customers. This is inclusive of all policies/members/lives on-boarded from our inception.
24*7 Support
We’re available to help you 24*7, with our call facilities operational even on national holidays.
How to Buy Digit Home Insurance Online?
Whether you’re buying your insurance policy from our mobile app or website, you can follow these easy steps and secure your home.
Visit and Select Property Type:
Go to Digit’s Bharat Griha Raksha Insurance Policy page or download the Digit App. Select your property type and enter your PIN code and mobile number.
View Prices and Enter Details:
Click ‘View Prices’, enter your plan and home building details, and choose your plan.
Fill in Personal Details:
Provide the property owner's name, mobile number, email ID, and PAN card number.
Payment and KYC:
Pay online via Card, Net Banking, UPI, Wallet, or EMI. Complete KYC to issue your policy.
