Ten Top Home Insurance Tips

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Home insurance, also referred to as home cover, is a fixed term insurance policy. It is used to insure residential properties 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 house itself. Some consumers find that their house insurance premiums are very pricey, but there are a lot of ways to reduce the cost:

1. Get in touch with the provider:
The consumer can discuss with them the assessment of their house and discover the reason the premiums are as they are.

2. 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 home is to be damaged or burgled, the less the risk is to the insurer and the premiums reflect the level of that risk.

3. Shop around:
With the vast number of firms providing home insurance deals, it does seem an unachievable and long task. But then, there are comparison sites on hand such as www.fool.co.uk that will source and compare home and life insurance data on your behalf. Also look out for Panel insurers like Endsleigh or Asda Home Insurance who will select the best priced policy tailored to your needs from a panel of insurers so you don’t have to sift through countless quotes yourself.

4. Rates can be variable:
Discussion, and some bartering with the insurer, can frequently have an impact on the rate of premiums in favour of the customer.

5. Raise the excess on the policy:
The consumer generally has to contribute £50 to any claim request, but a willingness to pay extra can often be to your benefit.

6. Keep in mind that the cost of a premium is established on the frequency of claims:
If it is not absolutely imperative that a claim is made, consider whether it might be better to not make it. If a consumer is Careful enough to pay for minor damages & losses as they crop up, this could significantly reduce the long term cost of insurance premiums.

7. Change your lifestyle:
Surprisingly, some insurance companies will look at a person's living habits while assessing their application. Smoking habits, drinking habits and keeping a pet can have an affect on an insurer's judgement.

8. Take security measures:
Where personal valuables are concerned, an insurance company is a great deal more likely respond in your favour if a safe is fitted and the valuables are kept locked in it.

9. Plan ahead:
If a claim has not been made, a home insurance policy can typically be cancelled with a complete refund. Knowing this, the customer can look at the different options and move insurers if a suitable offer becomes available, without having to wait for their existing cover to expire.

10. Don't underinsure:
Not specifically a money-saving tip but it can save you from being considerably out of pocket if you need to claim. Conduct an annual inventory, keeping receipts and making sure valuable individual goods are covered is advisable.


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