The Hows and the Whys of Opting for a Home Improvement Insurance

Recently, the number of people looking to improve their homes through various home improvement projects has been on the rise. Analyzing this change in trend, many banks and financial institutions have come up with a new financing scheme called home improvement insurances. These insurances can be availed with the outstanding home insurance amount to make the necessary modifications to your home.

Here are some of the main benefits that home enjoysto improve He can give you a insurance

Improves Your property outlook

Haven’t you always wanted to improve the look of your home? Adding elegant wood floors, some decorative paintings, and improving lighting are among the common home renovation requests. With a home improvement insurance you can do all of that and more!

Increase the market value of your property

The improvement you make in your home increases the value of your property in the real estate market. Also, financial institutions are more likely to extend a home improvement insurance to you for the exact same reason as they consider this a win-win situation.

Suppose, for example, that you have a house worth Rs 50,000 on the market. If you choose to improve your home by adding a modular kitchen or an additional guest bedroom among other things, the price of the property will definitely go up.

Is a Personal Insurance for Home Renovation a Good Option?

Personal insurance usually comes with high interest rates; Much higher than the traditional home improvement insurance rates offered by the majority of banks. But there are a lot of benefits associated with a personal insurance, for example, no collateral, easy approval, and higher insurance amount. So, evaluate your requirements and choose the insurance that suits you best.

How can I get a home renovation insurance?

Getting a home improvement insurance is fairly easy if you already have a insurance outstanding with a financial institution. However, new insurance applicants will have to go through the application procedure from the start.

To obtain a insurance, you will need to provide an estimate of the amount you need to complete the renewal. Lenders will assess the costs you mention, along with the value of your property, and your ability to repay before penalizing the insurance against your name.

While summing it up, one can say that a home improvement insurance is a home owner’s closest friend as it comes with cheaper interest rates as compared to a personal insurance. So, plan ahead and make a carefully considered decision before applying for one.