Boring though it is, insurance is a necessity. Here we take a look at home insurance and show you how to get the best possible deal for your home contents, home buildings or combined household insurance policy.
The continued misapprehension that consumers fall under is that they have to arrange their Buildings Insurance cover with the mortgage company. This is NOT the case.
You are free to look anyway and free to buy from anywhere. The requirement is that you have the cover in force.
So that is one reason why. The other is because your home is you biggest single asset and you basically need to cover this in the event of a loss unless you can simply right that off and go an buy a new house every time anything happened to your existing one.
While Contents Insurance is certainly not a compulsory insurance, it is just as important. With the average UK household having 25,000 worth of contents in value within their home, anyone not insuring their possessions are simply running the risk of loosing some or all of another large asset.
So, Home Insurance can be expensive, but not nearly as expensive as the unlucky events it protects you from. However, that doesn’t mean you should just pay any old premium you’re quoted. We think that, instead, you’re entitled to a reasonable price for cover that you decide to purchase.
Here are some ideas to getting and keeping your premiums low and some industry tips to help you along.
Fit approved locks (could achieve a 5% discount)
Join a neighbourhood watch (less common as a discount but can still sometimes get a 1% saving with some insurers)
Fit alarms and have an alarm maintenance contract (fitting NACASS standard burglar alarms could get a 7.5% discount but remember they may require an annual check). It may at first appear that the cost of all this improved security can outweigh the reduction in insurance cost but this will prove fruitful in the end
Agree to increase the standard policy excess (most policies will want a 50 excess but if you are willing to increase the discounts available are dependant on the amounts)
No claims (not claiming this could enable you to earn a no claims discount like car insurance. Some insurers offer up to 20% discount)
Shop around as many providers as possible is the only real way to find the best price as there are so many variables. Once the research is continue by contacting the top 2 or 3 Insurers direct and see how you can get the price down further by discussing direct you options and ability to reduce the risk to the insurance company. Do not be scared to negotiate with the insurance company on their prices, you have done your homework no make the effort worthwhile.
Finally our Top Tips” for getting and keeping your home insurance low
1.Look to consolidate your Buildings and Contents if the discount is large enough to make both policies competitive with the same insurer
2.Discuss with your potential insurer all discounts available, even things like memberships of certain organisations could get you a further discount
3.If your contents total has gone down instead of up then notify your insurer as this could reduce the amount you pay
4.Keep valuables out of sight. Look to buy a safe or cash box
5.Take good care of your house keys. Take them off of any hooks near doors or windows
6.Keep valuable electrical items out of view. Turn those stand by lights out and shut TV cabinet doors to hide the TV
7.Get property pens to mark your possessions. By marking your contents with your postcode and house number, you will be able to help the police get found property back to you if stolen and recovered.