Home Insurance Premium Calculator

Calculating the premium tells you exactly how much you will have to pay to protect your home and belongings.

This helps verify that you have common risks covered in your policy, including fire, theft, and natural disasters.

Knowing your premium allows you to plan accordingly without unexpected costs.

By calculating correctly, you will no longer pay an inflated premium and have insufficient coverage when inevitable claims arise.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Policies that extend for longer periods or have additional covers such as rent, valuable contents, or accommodation rent will also have higher premiums.

Some calculators allow you to change deductibles, lowering the premium and increasing your out-of-pocket when you file a claim.