Walker Jack Consultants

Home insurance, which is also commonly known as homeowner’s insurance, usually includes contents insurance, buildings insurance or can incorporate both.  In essence, it is a form of property insurance that is purchased for the protection of a private home, business property or property owned by landlords for leasing to tenants. 

Home insurance policies frequently include a variety of personal insurance protection, such as loss of contents, losses that occur in regard to the home itself and even damage to garages or sheds.  There is a wide range of options available, with various levels of cover; however, customers must always be honest with their insurer.  The policy should cover the cost of rebuilding the property should it be completely destroyed and the cost of any permanent fittings or fixtures.  In addition, house insurance is available to cover the loss of use of the property and will therefore cover the additional expenses of having to live somewhere else temporarily.

What a homeowner pays for their insurance cover tends to depend on how much the property is worth and sometimes takes into consideration individual items that are worth a significant amount of money.  However, the premium paid can also depend on the amount of research the homeowner is prepared to do to find a good deal.

For most typical policies, such occurrences as war and flood damage are not covered, but these are options that can be purchased as extras.  It is recommended that the purchaser checks if the policy repairs old items or replaces them for new. 

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When comparing cheap contents insurance quotes, policies are divided into two main types: wear and tear, and new for old.

Wear and Tear Contents Insurance

Policy Expert contents insurance quotes tend to be of the wear and tear variety. Wear and tear policies reduce the value of the contents of your home according to the age and condition of the item. Therefore, if an older item is lost, stolen or destroyed, it may be replaced by one of lesser value.

New for old Contents Insurance

Getting contents insurance on a new for old basis means that however old an item is, it will be replaced with a new, comparable item. This means that a new for old contents insurance quote tends to be a little bit more expensive than one that is provided on a wear and tear basis. However it may be worth the extra expense for the peace of mind that comes with knowing that if your home’s contents are lost or damaged, you will not be forced to accept a cheap substitute.

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Research carried out by The Association of British Insurers shows that one in five households in Britain could be underinsured.  The main reason for this unfortunate situation is that policyholders simply did not know the value of their household contents.  If you are in the position of having to make a claim, underinsurance can be a real headache.  If you have insufficient cover you will find that the full cost of replacing lost or damaged items will not be met by your insurance company.

To avoid being underinsured, take time to re-check your house insurance documents.  Study the paperwork and make sure you completely understand the level of cover that you have.

Make an inventory of your household contents.  Walk through each room in your home and list the items.  Do not forget the curtains and carpets.  Also, remember to include tools in the garden shed or garage, if these are covered by your policy.  Make use of the quick calculation tools offered by some online insurers, as these will help you arrive at an approximate value for home contents.

Some cheap contents insurance quotes do not include cover for all your possessions.  Antiques, art and high value items are often required to be listed separately and will incur an additional premium.  If you are not sure about some items, make a list and query it with your insurers.

Make it a rule to keep your household insurance up-to-date, and ensure that your policy cover reflects any changes.  Reviewing your house contents insurance annually should ensure that you achieve the best cover at the most competitive price.

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Winter is a time when home insurance claims increase.  One of the main reasons for this is the British weather.  We are exposed to a variety of weather problems over winter, but, if we think ahead and plan accordingly, we can reduce the chances of damage to our property.

Storms bring with them high winds and heavy rain.  This can result in anything from roof tiles blowing off to satellite dishes becoming detached, or even chimney stacks collapsing.  If a roof starts to leak after a storm, it is often due to a slipped tile.  This will lead to water getting into the roof timbers and causing damage.  In winter it is essential to keep an eye on the roof of your house, and to keep it well maintained.  Snow damage can also be a problem in winter, with the weight of heavy snowfalls leading to structural damage and collapsed roofs

It is also worth checking the trees in your garden.  In high winds are they going to fall onto buildings?  Will they damage cables?  Damage from fallen trees can be extensive and cause significant disruption.  Is your cheap home insurance going to cover you in the case of a claim or will you need extra cover?

Other winter insurance headaches can be caused by burst water pipes.  Make sure the pipes in your home are lagged inside and out.  If you are going away during a cold snap, it is worth leaving the central heating on low to prevent pipes freezing up.

It may seem like winter brings plenty of problems with it, but with the right home insurance in place you will be well prepared.

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If you have had your home insurance policy for some time with the same company and have not made a claim, your home insurance company may reward you with lower premiums. If you have a history of not making claims against your house insurance company, many insurers are eager to provide you with a discounted rate to keep such customers.  If you are reviewing your current policy and looking to compare home insurance quotes, having a background of no claims is also helpful. Competing insurance companies may try to attract your business by offering reduced premiums.

Insurers can often provide a saving of up to 30 per cent after one year of no claims. This saving can increase to as much as 70 per cent after five years of no claims. However, one single claim, even after a long history of no claims, can increase your premiums. Some home insurance companies provide the option after four years of no claims to defend your no claims discount, in exchange for a slight increase in the cost of your premium. This option lets you make a limited number of claims without losing the reduction in premium you have acquired.

To reap the benefits of no claim discounts, reduce your risk of burglary by installing alarms and locks on all windows and doors. Maintain your property and keep it in good repair. If some part of your property becomes damaged, needing to be replaced or repaired, consider first whether the increase in premium would cost you more than it would for you to simply pay for the repair or replacement yourself.

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Most people think of cheap home insurance as coverage for their home and belongings.  What most forget about is coverage for others who visit their home.  When people visit or even work on your home, they may be injured.  Injuries can occur from falls, unsafe boards on your home and even electric shock from faulty appliances.  Paying for these costs yourself is difficult for most.  This is where liability home insurance can help.

Unexpected Injuries

You never know when someone on your property may get hurt.  It could be something as simple as your neighbour slipping on an icy step.  Liability insurance pays for these injuries, including all related medical expenses.  For long term injuries, insurance typically covers a blanket settlement amount instead.

Legal Fees

Some people are not satisfied with just a medical settlement.  When an incident occurs on your property and ends up in court, legal fees can be steep.  Liability insurance covers the cost of court and legal fees, in addition to the settlement.

Away From Home

With some liability home insurance policies, you are covered even when you are away from home.  This can include incidents at rental properties or from uninsured individuals.

Coverage Limit

You are only covered up to your liability limit.  If you often have people over, such as friends or delivery drivers, consider the cost of typical medical expenses.  Basic coverage is a must, though you may opt for higher coverage, especially in areas where weather conditions often cause accidents.

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Though you may think all natural disasters are included automatically in your home insurance policy, earthquake coverage often isn’t.  If you live in an earthquake prone area, you should check your policy to see if damage caused by an earthquake is covered.  In most cases, earthquake coverage is extra.  It is up to you to decide whether or not you actually need the coverage.

Where You Live

Check the history of the area where you live.  Have there been earthquakes in the past?  If so, how many and how frequently?  Another aspect to check is the magnitude of any earthquakes.  If there have been earthquakes, but there’s never been any reported structural damage, you are in a low risk zone.

If you live in an area near a fault line, earthquake coverage should be considered, even if the history shows few or no earthquakes.  If your home is located in an area with semi-frequent or frequent earthquakes, even if they just cause moderate damage, you should make certain your home insurance policy includes earthquake coverage.

What Does it Cover?

Earthquake coverage takes care of all damages to your home and belongings that occur as a direct result of an earthquake, tremor or aftershock, if property coverage is included in your policy.  Earthquakes occur randomly, meaning you may not have any warning as to when you’ll need coverage, if ever.  To protect your home in an earthquake prone zone, the extra money you will spend on coverage is well worth the peace of mind.

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You spend time finding clothes that fit just right; you need to do the same with your insurance coverage.  Property cover or contents cover is a very personal thing; no two policies are exactly alike because no two situations are exactly alike.  Spending a few minutes exploring costs and coverage can make the difference between suffering a loss and being able to recover your possessions.
 
Think about what you own; better yet, take a tour of your home and write down the major items you see.  Do you own artwork, musical instruments or jewellery?  What about furnishings of value, like leather sofas?  Don’t forget computers, laptops, cell phones, mp3 players, and similar items.  How about collections?  Do you own a collection of books, stamps, coins, antiques, or other similar items?  All these should be accounted for, and valued, when you choose your home insurance. 

Outline specifically what you want, including any floater policies for items of exceptional value like jewellery, and then compare home insurance with the exact same coverage limits from several companies.  You’ll likely find that the prices vary widely.  Get multiple quotes from each company with different deductibles.  Ask about discounts for bundling your home and auto insurance, paying via bank debit, or similar discounts.

Your situation is different than that of your friends and neighbours, and your insurance coverage should be, as well.  Spend the time to find out exactly what you need and compare costs across several companies to find the right ‘fit’ for you.

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No one looks forward to the task of comparing home insurance rates. However, in actual fact it can be an enjoyable task. You can compare home insurance provided by lots of different companies and gain a better insight into the policies you are offered. Furthermore you can also see whether you can negotiate with the companies. This may enable you to select a policy from the provider you like the most.

Some people seem happy to swap providers every year in order to chase the lowest possible premium they can get. In other situations they might consider staying with the same provider all the time because they are happy with the service they get. They may have had cause to make a claim on their policy for example. If they were impressed with the response they got, they may wish to continue with them for that reason alone.

When you compare home insurance quotations, you need to negotiate for the best price you can. You may have received a more expensive quote from one provider, and a cheaper one from another provider you liked less. You should go back to the more expensive provider and ask for a reduction to the cheaper quote you had from elsewhere. They may say no but until you ask you will never know what the response could be.

If you feel self conscious doing this, do not worry. Some people get nervous asking for a reduction but remember that the people at these companies will have come across people negotiating before. It might just get you a cheaper premium too.

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With the cost of living being particularly worrisome now, it makes sense to try to cut costs wherever you can. However, when it comes to something as important as house insurance, it is vital to ensure you do not lose the degree of cover you require.

The correct house insurance policy will be one that gives you good cover and does not prove to be too expensive either. The best way to find such cover is often to take advantage of the online price comparison sites. These are very popular and many people use them regularly.

These sites enable you to search for the required policy in a fraction of the time it would take you to contact all the individual companies. It also means you do not have to make many phone calls, since all the information can be found online. You can save any quotations you may be interested in taking up. Once you have decided which company to get your insurance from you can go ahead and complete the process.

It is good to know that renewing your insurance is much easier and more pleasant today than ever before, due to the internet shortening the length of time it can take to find the most suitable policy. Just be sure not to rush through the process as you have the opportunity to find house insurance that will be cost effective and worthwhile to have. Rest assured it is easier than you think to get the cover you need.

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