It is essential to ensure that you pick the right home insurance. After all, you’ll be relying on your policy to pay out if something goes wrong and you find yourself in the position of needing to make a claim. So, how can you make sure that you’ve got the right policy in place?
If you simply renew with the same insurer each year the chances are that you’re not getting the best deal. The insurance market doesn’t reward customer loyalty so it is worthwhile shopping around when it comes to renewing your cover.
By using a comparison website you will only have to enter your details once and you’ll then be able to see quotes from a range of insurers. Remember that it is vital to give accurate information of you may find you invalidate your cover. Also bear in mind that you need to take more than just cost into account when choosing the right policy.
Check what’s covered
Not all insurance policies cover the same things so make sure that you are clear about what you are buying. Is the policy for the building only or the contents too? Does it cover standard perils such as fire and flood or accidental damage too? Is there cover for belongings such as bikes or laptops whilst they are away from the home or emergency cover should you need to move out of your home whilst repairs are carried out? Cheaper policies are unlikely to cover as many eventualities. You will also want to make sure, however, that you are not paying for much wider cover than you need.
Check what’s not
It is equally as important to make sure you are clear about what isn’t covered under different policies. Whilst there will be a number of standard exclusions, such as damage arising from wear and tear, there may also be exclusions or requirements that you are not aware of. You may, for example, need to notify the insurer if you’re going to be away for more than 30 days or if you let out a room to a friend or tenant. Make sure you’re fully aware of the exclusions so that you don’t think you’re covered for something when you’re not and so you can’t accidentally invalidate your insurance policy.
Make it cheaper
There are a number of different ways that you can reduce the premium that you are charged for home insurance. Whilst you can’t do anything about some of the factors that affect the premium such as your address, you can improve home security. Fit window locks, install an approved alarm or join a neighbourhood watch scheme.
Pay annually rather than by monthly direct debit and it will usually work out cheaper. Alternatively, you might want to consider taking a higher excess. As well as the compulsory excess found on a policy you can opt to take an additional voluntary excess. Whilst this will result in a lower premium remember that you will have to fund a higher proportion of any claim yourself.
Whilst many of us renew our home insurance without a great deal of thought it is important to make sure that we choose the right policy. Shop around to get the best deal, be clear about what is and isn’t covered and find the most appropriate policy for the right price. With a little time and effort you’ll be able to minimise the risk of finding yourself uninsured.