5 tips for cheaper home insurance

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Home insurance is a basic term for two different insurance policies. Construction insurance to cover the construction of your property and the house's contents to protect your valuables and other household objects. The problem is that comparing it with similar ones is not possible. The areas and level of coverage provided vary from policy to policy along with the premiums. So have a definite idea of what you need in...

Home insurance is a basic term for two different insurance policies. Build insurance to cover the construction of your property and home contents to protect your valuables and other household objects. The problem is that not all home insurance policies are created equal, making it difficult to compare similar policies. The areas and level of coverage provided vary with premiums from one policy to another. Therefore, have a clear idea of what you need to make sure and how much it will help to minimize the time and total money spent on buying it.

TIP 1: Risk reduction, cost reduction All insurance policies protect against the risk of financial loss. Then, to reduce the cost, reduce the risk to the insurer, and you will receive a lower premium. To give you an idea, here’s a brief summary of the most effective tactics… • Contact your home insurance company or local neighborhood watch program and they will send you a list of steps to make your home safer and less likely to be attacked by thieves.

• Install locks on all windows and mortise level 5 locks (BS3621) on doors. Most insurance companies will grant you up to 10 percent discount on your home’s insurance content if you have these types of locks around your home. • A good alarm installed by a recognized alarm installer that your insurance company can recommend can give you up to 10 percent discount on your policy. Keep in mind that these are expensive alarms that require annual check-ups. • Greater policy excess. Usually you’ll have to pay the first £ 50 of any insurance claim, but if you’re willing to pay more, your premium will be reduced now.

• Surveillance of the neighborhood. If you live in a neighborhood watch area, some home insurers offer discounts; however, this is less common.

• No claims for bonuses. As with your car insurance; your premium will be reduced by recording no previous claims. If you need to make a claim, consider whether paying the loss yourself and avoiding an increase in premiums may be cheaper.

• Your old age. Statistically, the higher your age, the less likely you are to file a claim for home insurance. Therefore, if you have a lower risk, it will be reflected in your premiums. Some companies offer additional benefits for those over 50 like Saga.

• Extra safety. Declare any special safety precautions you have taken for your valuables, such as a home safe. • Lifestyle. If you have a dog, it’s total and you don’t smoke, be sure to declare it, as some insurers use these factors to reduce premiums.

• Occasionally, applying to your existing insurer as a new customer can reduce your premiums. Many insurers offer new customers discounts that will not be repeated when they are renewed.

• If you can apply online, you usually get a discount of around 5 percent. Always check with your home insurance company first before making safety improvements in your home. They will confirm which improvements have the greatest impact on cost reduction.

TIP 2: Know what home insurance needs Making a precise figure for the value of buildings and content insurance can be uncomfortable, so many homeowners are insured or pay for coverage levels they don’t really need. Building insurance covers the cost of rebuilding your property, not your market value.

The value of rebuilding your home is, for example, the cost of rebuilding if it is destroyed by a fire or sinking. Usually the value of rebuilding your home can be found in your mortgage contract or title deeds. The Royal Institution of Chartered Surveyors (RICS)’s Construction Cost Information Service (BCIS) produces a range of detailed information on the cost of rebuilding houses and apartments, along with a reconstruction cost calculator.

• Surveillance of the neighborhood. If you live in a neighborhood watch area, some home insurers offer discounts; however, this is less common. • No claims for bonuses. As with your car insurance; your premium will be reduced by recording no previous claims. If you need to make a claim, consider whether paying the loss yourself and avoiding an increase in premiums may be cheaper.

• Your old age. Statistically, the higher your age, the less likely you are to file a claim for home insurance. Therefore, if you have a lower risk, it will be reflected in your premiums. Some companies offer additional benefits for those over 50 like Saga. • Extra safety. Declare any special safety precautions you have taken for your valuables, such as a home safe. • Lifestyle. If you have a dog, it’s total and you don’t smoke, be sure to declare it, as some insurers use these factors to reduce premiums.

• Occasionally, applying to your existing insurer as a new customer can reduce your premiums. Many insurers offer new customers discounts that will not be repeated when they are renewed. • If you can apply online, you usually get a discount of around 5 percent. Always check with your home insurance company first before making safety improvements in your home. They will confirm which improvements have the greatest impact on cost reduction.

Or, alternatively, you can opt for a policy that has a high or unlimited building insurance level so you don’t have to worry about securing the right amount. Then there’s the home content insurance that covers almost everything you’d take with you if you moved from home.

Make a list of the rooms in your house and write down the value articles each contains. Then add the individual amounts to see what insurance protection content you need. Remember to value items such as music CDs, videos and clothing, as your total cost is often lost or insured. Whether your wardrobe is full of jeans or labels for designers, be sure to include the cost of replacing them.

TIP 3: look at separate, secure content buildings to get the maximum savings potential if you need buildings and content insurance, get quotes for separate policies. Most insurers provide them as separate policies and just because one of them is cheap for building coverage does not mean that they are equally competitive in securing content. Find the cheapest providers for each component and consider buying each from different insurers.

TIP 4: purchase home insurance Shopping will generate the greatest savings in home insurance. First, don’t just opt for your mortgage lender’s home insurance. They can be convenient when you are busy classifying your mortgage, but they are often overvalued and are likely to have been compared to other market policies.

You have three options when buying insurance; go directly to the insurer, browse the web or use a broker. If you have time and commitment, you can do all three things, but the fastest and most effective route is to log in and use the Internet’s reach. The best insurance websites compare in minutes dozens of brokers and home insurance companies.

Simply fill out a form to get a list of the premiums shown on your screen from leading insurers and brokers. However, if you have unusual or very specific requirements, the final premium may increase if you confirm directly with your selected insurer.

TIP 5: Ask for a deal. Home insurance has an integrated profit margin that can be negotiated if it is armed with the correct information.

Not all insurers will double and grant an additional discount, but if you don’t ask, you won’t know. • First, search for the cheapest quote after using Internet comparison sites and call some brokers. • Select the cheapest quote and contact your existing insurer to ask them to exceed it. If they don’t move, contact the second cheapest insurer and do the same.

• If the insurer does not give up after your best efforts, ask them to provide some additional coverage to improve the deal or move on to the next home insurance company and repeat the same steps.

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