Home insurance tips

Home insurance, also known as home cover, is a fixed term insurance policy. It is used to insure residential homes against damage but the policy can also include contents, the home being rendered unusable or liability insurance which covers the cost of accidents within the home itself.

While the detail of how premiums are calculated varies from insurer to insurer and product to product, hence the disparity between cost of Pru home insurance vs Directline home insurance for example. The cost of home insurance is usually based on the rebuild value of the house i.e. what it would cost to replace the building in its entirety. The cost can also be partly dependant on perceived risks to the house, such as its location, the installation of security devices or fire alarms. The repayments, or premiums, are usually made to the insurer on a monthly basis for a fixed period of time.

Some consumers find that their home insurance premiums are very costly, but there are a number of ways to reduce the cost.

1. Shop around. With the vast amount of companies offering home insurance deals, it does seem an impossible and lengthy task. However, there are comparison sites available such as Compare the Market which will source and compare home insurance information on your behalf.

2. Contact the insurer. The consumer can discuss with them the assessment of their property and discover why the premiums are as they are.

3. Reduce the risk. It may then be a case of installing burglar alarms, window and door locks or fire alarms, depending on the recommendations of the insurer. The less likely a property is to be damaged or burgled, the less the risk is to the insurer and the premiums reflect the level of that risk.

4. Premium rates can be flexible. As a result, they tend to take what they are offered. Again discussion, and a degree of bartering with the insurer, can often have an effect on the cost of premiums in favour of the consumer.

5. Increase the payable excess on a policy. The consumer usually has to contribute £50 to ant claim made, but a willingness to pay more can often be beneficial.

6. Consider carefully whether to claim or not. The decision whether or not to actually make a claim can also affect these costs. A consumer with a history of ‘no claims’ is more likely to be offered lower premiums than one who has made many. Prudent consumers may actually cover the costs of lesser damages themselves, maintaining their ‘no claims’ status. This can have a dramatic effect on premiums.

7. Change your lifestyle. Surprisingly, some insurers will consider a consumer’s lifestyle when assessing their application. Smoking habits, drinking habits and owning a pet can have an affect on an insurer’s assessment.

8. Take security measures. Where personal valuables are concerned, an insurance company is more likely to respond favourably if a safe is installed and the items are kept locked in it.

9. Don’t underinsure. Not necessarily a money-saving tip but it can save you from being seriously out of pocket if you need to claim. Conducting an annual inventory, keeping receipts and making sure valuable individual items are covered is recommended.

10. Plan ahead. If a claim has not been made, a home insurance policy can usually be cancelled with a full refund. Knowing this, the consumer can ‘keep an eye on the market’ and switch insurers if a better deal becomes available, without having to wait for their current policy to expire.

Sunday, 6 April 2008

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