Wednesday 8 May 2013

Advice on Home Insurance Premiums – Are you paying over the odds?



Home and contents insurance is a necessity, something that we cannot overlook, but are you paying too much for your policy? Many people simply stick with their current insurance provider – it’s convenient and stress-free, after all – but this may not be the most economical, or the best insurance, way to go. Different personal circumstances mean that some policies can be more appropriate than others and, as with many such policies, it pays to read the small print to understand exactly what you are paying for.

Check your Cover

When you take out a policy the best advice is to carefully check the cover that you are paying for: make a list of what you need to be covered for, and take into account individual values of items and property covered, and talk to your broker about the possible additions that you may want to make. One thing to take note of is the maximum amount that you are covered for on any one item: this can be quite low on cheaper policies, yet much more on more expensive options. 

Rebuilding Costs

One of the more complex areas of insurance is in assessing the rebuild costs of your home in the event of a fire. There are many different aspects to take into account, but what is essential is that your insurer will agree to pay only the cost of rebuilding the property: if you are paying for a policy that insures the home for more than the rebuild costs you are paying for something you do not need. Make sure you understand precisely where your cover begins, and ends.

Shop Around

We know it’s an old cliché, but shopping around for the best deal really is an excellent move. If you get a better offer of a similar policy from someone else, but prefer to stay with your current insurer, go back to them with your new quote and see what they can do for you. You may be surprised at the way they accommodate you in order to keep your business.