Home insurance plans often cause a lot of confusion in the minds of consumers. Lots of people don’t know that there are things automatically covered under buildings insurance.
Typical buildings insurance policy covers the actual house, rather than what you put inside the house. It will be based on the cost of rebuilding and should normally cover hazards like fire, flooding and water damage. Permanent fixtures and fittings – generally things that you would not take with you if you were moving, such as the bathroom suite and fitted kitchen would normally fall under the umbrella of buildings insurance.
It is important to read the fine print very carefully regarding what is fullly covered and what’s excluded. Check for things such as vandalism or malicious acts. These are often not covered. Nor is terrorism. Please always double check. If you have a mortgage on your home, then buildings insurance will be one of the mandatory conditions of getting the loan.
Contents Insurance should cover all the things you put into the house, such as your furniture, curtains, carpets, kitchen gadgets and cooking equipment, as well as items in your garden. The stuff in your house should be covered from theft, or damage caused by fire or flooding. Whilst your personal computer should be covered, should you not double check the coverage for your laptop and cameras since you often use it outside of your home.
Calculating the cost of your insurance premiums, normally starts with reviewing your postcode. The insurers can tell a lot based on where you live. They will know the crime levels in your neighbourhood, climate, and other risk factors.
Unfortunately, if you live in an area that is prone to flooding, have a higher than average crime rate, need hurricane and storm windows or such the chances are your premiums will be higher. Some offer discounts to those homeowners who install equipment to prevent flooding and calamity.
The history of your claims will also be taken into account when working out what price you have pay. Obviously if you have a high level of claims, you’re likely to face higher costs.
While home insurance rates can be quite expensive, there are ways to cut them. One thing to always keep in mind when it comes to home insurance, is you need to be proactive not reactive. Things to consider: the types of locks and doors you are using, window locks, burglar and smoke alarms. They are often discounts offered for taking out dual cover and contents policy, but it is worth checking out the cost of separate cover too.
When you are ready to pull the trigger, it’ll be worth comparing quotes. The easiest way to do this is online. An independent broker will have no trouble in comparing a vary wide range of companies and will contact you with the best choices for you, at the best price. Sometimes there will be good discounts for new customers and the price can drift upwards for the first year or two ask you broker to check for the right price.
When making a claim – Your insurance provider will want to know why your making a claim and wil try to refute it. If the claim is the result of a burglary or anything with your home security they will need to see the police report.
It is well worth sorting out your household insurance requirements and making your sure your covered for everything.