Home insurance is a basic term for two different types of insurance policy. Buildings insurance to cover the construction of your property and home contents insurance to protect your valuables and other household objects. The problem is that not all home insurance policies are created equal making it difficult to compare like with like. The areas and level of cover provided vary from policy to policy along with the premiums. So having a definite idea of what you need to insure and for how much will help minimise the overall time and money spent buying it.
Combine your buildings and contents cover.
If you combine your buildings and contents cover, you will usually be able to negotiate a cheaper price. Including this, it will also save you time.
Know what cover you need.
Working out an accurate figure for the buildings and contents insurance value can be awkward, which is why a lot of homeowners are either under insured or paying for levels of cover they don't really need. For example, accidental damage cover can increase your premium by as much as 25%. For advice on what cover is best for you, please get in contact with us and we’ll be happy to help.
Pay your premiums annually.
It may seem convenient to spread your payments over monthly instalments, but it is almost always more expensive because firms charge an additional admin fee.
Cut the risk
• Fit locks to all windows and level 5 (BS3621) mortise deadlocks locks to the doors. Most insurance companies will give you up to 10% off your home contents insurance if you have these kind of locks fitted around your house.
• Having a good alarm fitted by a recognised alarm fitter, which your insurance company can recommend, can give you up to 10% off your policy. Bear in mind that these are expensive alarms which require an annual check-up.
• Higher policy excess. You will usually have to pay the first £50 of any insurance claim, but if you're willing to pay more then, your premium will fall now.
• Neighbourhood watch schemes. Some home insurers offer discounts if you live in a neighbourhood watch area; however this is less common.
• No claims bonus. As with your car insurance; a record of no previous claims will reduce your premium. If you need to make a claim, consider whether it may be cheaper to pay for the loss yourself and avoid an increase in premiums.
• Extra security. Declare any special safety precautions you've made for your valuables such as a home safe.
• Your lifestyle. If you have a dog, are teetotal and don't smoke, be sure to declare this as such factors are used by some insurers to reduce premiums.
Before you carry out any security improvements to your home, always check with your home insurance company first. They will confirm which improvements will have the biggest cost cutting impact.
Source: moneysupermarket.com, trdirect.co.uk
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