Tips for Reducing Premiums07 August 2012
There are a number of things you can do to help bring down the costs of your home insurance. The first thing to do is shop around. Don’t just rely on comparison sites, as many insurers will not feature on them and if you have specialist home insurance needs then the questions you are asked may not cover all of your requirements.
How can I reduce my premiums?
This said, comparison sites are still useful as a frame of reference and can serve to give you a broad overview of the policies on offer. Remember that the cheapest quote is likely to exclude a number of things that might be included elsewhere, so review the terms thoroughly before committing to buy.
Estimations are a key part of obtaining good cover. It is important that you don't over-estimate the value of your home or your possessions, as this can drive your costs up, but be just as careful not to under-estimate them either. The rebuild cost can be a tricky one to calculate when you don't have extensive experience in the construction industry, that's why there are online resources to help you get it right. Remember that the rebuild cost does not necessarily reflect the market value of your home, so don't just enter the amount that your property is currently worth. Find the Association of British Insurers' rebuild cost calculator and use it to obtain an accurate amount.
A systematic approach
Take a systematic approach when it comes to calculating the value of your contents as well, don't just guess blindly. Go through every room in your home and list the items inside, being careful not to overlook the contents of draws and cupboards. People often overlook things like clothing, which can be a tragic mistake considering how much it is likely to cost you to replace the contents of your wardrobe. If you under-insure or over-insure, you can encounter problems should you need to make a claim, so always strive to be as accurate as you can and update your insurance regularly if you make large purchases.
Think about the amount of excess you might have to pay and be realistic about your ability to pay it. Having a bigger excess might bring down the cost of your premium, but it might also lead to difficulties should something go wrong. When making a claim, consider your excess carefully and judge whether or not it is actually worth making the claim if it is only a relatively small loss. Also factor in how claims can affect your need for specialist home insurance in the long run, as a poor claims history can drive up costs and make it harder for you to find cover with a standard insurer.
If you take a proactive approach to protecting your home, then you are likely to find more favourable terms with an insurer. Making your home more secure with better locks, alarms and CCTV might be a good move; but make sure you choose insurer-approved measures. If your house is at a higher risk of flooding, then consider implementing flood resistance and resilience measures to help your home withstand water damage. These kinds of steps might be helpful, but if you are at greater risk from things like subsidence or flooding, then you may be better off searching for cover with specialist insurance providers.
Non standard home insurance can often be obtained through specialist insurance providers like HomeProtect, with a competitive online quote. With HomeProtect you can get specialist home insurance, no matter what your specialist requirements may be
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