When searching for home insurance prices, you’ll find that they vary widely. Shopping around and putting in time and effort to find the best one is worth it, so ensure you do so before jumping in.
There are many comparison sites out there which compare buildings and contents insurance, listing everything they include so you can make a final decision. But if you have a clear idea on what you require in your insurance, then be sure to insure your house with moneyexpert.com.
Before you begin hunting for the best deal on your home insurance, make sure you fully research into each of the below points:
- A full comparison across insurance policies
- How to buy home insurance cover
- Ways to reduce the cost of home insurance
- How to cancel home insurance once it has expired, or if you want to renew.
There are two aspects to consider before you shop around. This is the level and type of insurance cover, which are equally as important as the price. Some insurance covers will have exclusions, which means a list of things you are not insured for. Always check the exclusions when doing your comparisons.
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Features of home insurance:
It’s easy to think that some features of home insurance come as standard and are included automatically when you sign up. This is not always the case, as some insurance companies have these as additional extras:
- Personal belongings cover: This means when items are taken outside the home. These don’t tend to be covered as part of a standard home contents policy. For example, your mobile phone.
- Comprehensive accidental damage cover: Did you know that not many home insurance policies automatically cover you for any damage that you create by accident?
- Home emergency cover: Again, it’s very rare that home insurance policies automatically provide cover for emergencies that happen to in the home.
- Excess: Always check for the excess with any type of cover. The excess is the amount of the claim that needs to be paid by yourself, which isn’t covered. The minimum excess tends to be £100. If you increase the excess, it can reduce your monthly/yearly insurance payments.
How to find the best deal:
The most popular option is to do your research online first. We’re now a nation who use the internet for all our banking and for buying a home, as it’s so much simpler to use an online conveyancer.
Use online comparison sites for insurance hunting. These give you a snapshot of all the competitors and what they are offering. However, remember that not all insurance providers are visible on comparison sites. Some companies only sell on their own websites, such as Direct Line, Aviva, and Zurich.
You can also use an insurance broker to help you find the right policy at the best price. People tend to favor brokers when they need to find non-standard home insurance. They can even act on your behalf should you need to make a claim.
Other ways of finding the best home insurance can come through your mortgage provider, bank or card providers. Some mortgage companies will offer you buildings and contents insurance when you complete your mortgage with them, but remember not to accept this immediately, and to do your own research before giving an answer.
Tips to reduce the cost of home insurance
The following are crucial for when receiving a quote for home insurance. Insurance companies like to see the below are all installed or put into practice, in a bid to offer the best price:
- Increased security: Approved locks on windows and doors.
- Fitted alarm systems: Not just a security alarm for burglars, but also smoke and carbon monoxide alarms.
- A high excess: If you’re in the position to cover a percentage of the cost of a claim yourself, the overall premium will potentially drop down in price.
- A strong history of no-claims: If you have built up no claims for a few years, your insurance company may offer a discount.
- An annual payment: With most insurance companies, monthly payments will always set you back more money. You will tend to pay around 5-6% more than if you pay upfront for the year.
Unfortunately, one of the factors of your home insurance costs is the area that you live in. This is something you can’t really change, as a bulk of the quote will be reflected from your postcode. However, follow the tips and advice above, along with taking the time to do some thorough research, and there’s no reason why you shouldn’t be paying the best price possible.