As the old saying goes, it’s always best to be prepared. This is especially important in regards to your home—unless you’re lucky enough to have the cash to replace or repair everything you own in case something goes wrong.
Home insurance often comes in two parts: buildings insurance and contents insurance. Buildings cover protects your bricks and mortar for events like fire and weather damage, whilst contents cover protects your belongings against theft, damage and loss.
It can be confusing searching for home insurance, as there is a great deal of information to consider and a lot of small print. However, there are a number of home insurance comparison sites available, which will make it easy to find the best policy for the cheapest price. Here’s a checklist of what to look out for.
Check the Excess
When comparing insurance prices, most of us focus on the cost. However, it’s worth looking at what the excess for each policy is, especially if there are several policies that offer similar cover at a similar price. So, if you have policies that only differ by a small amount, check the excess charges—this could result in you having to contribute more towards the cost of a claim. The policy which has a lower excess but a higher annual cost could be the better choice should you need to make a claim.
See also: Insuring your Home
Home and Fortress
Home security can be a grey area when it comes to home insurance. If you don’t currently have a burglar alarm, then adding an expensive system is highly unlikely to reduce the cost of your insurance enough to justify buying and fitting it. However, a good home security system can reduce the chance of having to make a claim in the first place, which could save you hassle and money in the long run—as well as giving you peace of mind that your home is well protected at all times.
When it comes to insurance, loyalty isn’t often rewarded. New customers often get the best deals, so when your renewal letter comes through, check online that you’re being offered the best deal possible. If not, it might be worth changing providers. But, as always, remember that it’s not just the price that’s important—make sure you look at the details that the policies offer to make sure you’re getting the right level of cover.
See also: The Benefits of Private Healthcare
Certain houses require specialist cover, such as custom-built properties, listed buildings and thatched roofs. Some of these will have a greater chance of a higher insurance premium.
However non-standard your non-standard home may be, it’s important that you have the protection designed for your property. Paying money for a policy which excludes any of your risks will only give the insurance company grounds to refuse to pay out on a claim; even if it’s unrelated to the reason you needed specialist home insurance in the first place.
Did you know…
Buying a combined policy of both buildings and contents insurance can often be cheaper than getting two separate policies.