How to save money on your home insurance
Whether you are comfortably well-off or watching your pennies, home insurance is not something that anyone likes to spend their money on, yet it is an essential part of owning your own property.
Whether you need to find buildings insurance, contents cover or a combination of the two, it is possible to get a bargain on your home insurance if you know how. We take a look at some of the short cuts that could slice a huge chunk off your premium.
Check what you get
If you are comparing a number of different quotes, you might find that one stands out as being significantly cheaper than the others. If this is the case, it is worth checking the small print of the policy as you might be looking at chalk and cheese.
In many cases, insurers make certain assumptions when you apply for a quote such as the amount of cover you will want and the type of risks to include. But this does not mean that all insurers operate the same policy. You could therefore find you are comparing two quotes which offer differing levels of cover, including protection you do not need.
Don’t over-insure yourself
It is of course vital that you make sure you have the right amount of protection in place and too much is better than too little. But there is a good chance that you are paying for cover you do not really need and could make an easy saving simply by getting your sums right.
This is particularly the case with buildings insurance (the bricks and mortar) as most people insure their property for the market value. However, this is not what you actually need.
Buildings insurance is designed to cover the outside structure, whether that is repairing or replacing various elements. Even if you were unlucky enough to suffer a catastrophe such as a large house fire, it is still only the cost of rebuilding you need to pay for. Repairing or even a total rebuild is significantly cheaper than selling your house on the market, hence why insuring it for the full market value is not the right thing to do. Consumer watchdog group Which? have a great guide which explains this in more detail.
Reputable providers
Although getting a cheap quote is a high priority for many people, it is also important to make sure that if the worst happens and you do need to claim, you will be treated with courtesy and help will be on hand.
One great way to achieve this is by taking out cover from a well-known provider. For example, see here http://www.ageuk.org.uk/products/insurance/home-insurance/. Not only will you be likely to get a competitive quote, you can rest assured that if you do need to claim, you will be in safe hands.
Insurance and taxes are two of those things that no-one really wants to pay for, but cannot avoid. Make sure you make every penny count by taking out the best value cover you can find.
Category: Insurance
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