How to get the best and cheapest home insurance for buildings and contents
Home insurance is an everyday essential, protecting your property and the things you own in case household disaster strikes.
Many people, however, simply fall into the trap of renewing home insurance policies year in, year out and see their policy premiums steadily climb missing out on the cost savings of shopping around.
Contents vs buildings insuranceContents and buildings insurance can be held separately or together and just as it says on the tin, the policies protect your possessions and home, respectively.
Buildings insuranceIf you own a property with a mortgage then buildings insurance is essential, as your mortgage lender will require you to hold it. In reality though, whether you have a mortgage or not you should consider it as essential. After all, if your home burns down not having cover will prove an expensive gamble.
If you own a house, buildings insurance premier design jewelry is your responsibility, but if you own a leasehold flat it is likely to be the responsibility of the freeholder.
If you rent a property, insuring the building is the landlord's responsibility and you are pandora bracelet charms price normally not expected to pay for it.
Buildings insurance looks after the structure of your home and can also cover other buildings or structures full pandora charm bracelets that sit on the land.
The cost of your buildings insurance will depend on the style of your building, its location and most importantly its rebuild cost. This is typically called the sum insured and you should provide it when seeking cover.
Don't forget, it is not the same as the open market value of your home, aka the house price, which can be much higher.
Checking the sum insuredThe Association of British Insurers provides a calculator to check your sum insured, but if your home is in any way unusual, or the values differ sharply, you should pandora charms cheap online get a surveyor to do a proper assessment for you.
When you buy a property, the mortgage lender will usually provide a sum insured that it requires and your surveyor can also provide a figure. Typically this should rise each year, in line with inflation.
Some insurers will offer a standard sum insured with their policy and if you need more than this you can extend it.
Fire, flood, subsidence, lightning storm damage and falling trees or branches, burst pipes, pipe damage and escape of water or oil and vandalism are all things that will usually be covered by a good policy, although there may be some exclusions and not every policy will include accidental damage or bad workmanship.
The insurance will pay out for any problems that hit your home, as long as the insurer agrees that they are covered, and can also include some or all of the cost of housing you elsewhere if you have to move out.
An excess will be imposed on any claims and the size of this usually affects your policy's price.
You do not have to have contents insurance, but it is a very good idea to do so. If you are burgled, get hit by fire, or lose a personally important and expensive item, then not taking a big hit to the pocket can soften the blow.
Most policies will pay out for loss but not always damage and a good policy should be able to be extended to cover both, as well as personal possessions that you regularly take out of the home. The best policies replace items on a new for old basis.
The decision of how much cover to take is yours, but you should jot down what you think it would cost to replace all your belongings the amount can build up surprisingly quickly.
Policies will often have a standard sum insured and if you want a higher amount you can extend this expensive items above a certain value may need to be listed individually.
Again an excess will apply and the smaller this is, the higher your premiums will typically be.
How to get cheaper home insuranceSwitch rather than just renew
The easiest way to start saving on your home insurance is not to simply take your existing insurer's quote but to shop around for competing deals.
You can compare quotes using This is Money's home insurance finder service provided byMoneySupermarket which offers one of the largest selection of insurers to make sure you are getting the lowest quote.
Insurance premiums tend to rise year on year and even if your insurance was the cheapest deal around when you took it out, the renewal quote may not be the most competitive the next year.
It could be worth trying a couple of different comparison sites to cover all bases but make sure to check Aviva and Direct Line separately as they do not list their prices on any comparison websites.
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