Household insurance: getting a good deal
Are you looking for buildings insurance, contents insurance or both? Think you are paying too much for your present home insurance?
Get a non obligation quote with comparethemarket.com today and see if you could save on your home insurance, we will help you to find the right home insurance policy for you with a price that could save you money!
What is home insurance?
There are two different products that make up a home insurance policy, these are buildings insurance, for the structure itself, and contents insurance to protect the things within your home.
Buildings Insurance:
If you're taking out a mortgage, buildings insurance is often essential. As the name suggests Buildings insurance will generally cover the structure of the property including the walls, fences, drives, patios, windows and permanent fixtures and fittings. Every insurer is different and offer different levels of cover on buildings insurance, this is why it is very important to read the policies features and terms and conditions before purchase to make sure it caters for your needs.
Contents Insurance:
A contents insurance policy gives you cover for personal items and household goods within your home. Permanent fixtures and fittings such as carpets will in most cases also be included. You will be able to add high value and specified items to your contents insurance policy if any of your particular belongings are of a large value and you will often be able to adjust cover to take into account of any expensive belongings. Every insurer is different and offer different levels of cover on contents insurance, this is why it is very important to read the policies features and terms and conditions before purchase to make sure it caters for your needs.
When choosing the type of cover you would like for your contents insurance, there will usually be two options; new for old: covers the full cost of replacing or repairing items or wear and tear/indemnity: the cheaper policy, but with a deduction for wear, tear and depreciation.
What are your options?
Extra features
As well as cover against risks such as fire, theft and flood, some policies incorporate a number of special features as standard or as optional extras.
These include:
- personal possessions/all risks for items you take out of the home e.g. sports equipment
- accidental damage
- personal money and credit cards
- legal expenses
The sum insured
Unless your insurer is offering an unlimited or maximum amount of cover, you will need to work out the sum insured - the total value of your property and possessions. Be accurate - it forms the basis of your premiums.
Avoid the pitfalls
- Be clear about what your policy doesn't cover.
- Be honest about the state of your property - if you're not, the insurer may not pay out.
- Set a realistic excess. Don't go for the highest excess value just to reduce monthly payments.
- Check whether your premium increases if you pay in monthly instalments.
Cost-cutting tips
- Compare quotes - don't go with the first option.
- Join a Neighbourhood Watch scheme - a free way to cut your home insurance premium.
- Buy buildings and contents insurance from the same company.
- Fit an approved burglar alarm and secure locks.
- Increase the excess within affordable limits.
More Information
If you would like more information about home Insurance and how to get a quote with comparethemarket.com, have a read of our home advice section for more information.