How to get the best rates and cheapest quotes

The first thing you need to understand is that you shouldn't try and get the best rates by cutting the amount of home insurance you ask for. This is always going to be a false economy. You lose out massively if you need to claim on home insurance. There are several other ways to ensure that you get the best rates for your home insurance.

Firstly, shop around for as long as you can so that you can get the keenest prices possible on home insurance. Play off companies with each other. See what they'll do in order to compete with your custom. To get your custom for the first time, you'd be surprised what a company would do. They know that many insurance customers, once they have a policy with a company, may be too lazy to change insurers again, may accidentally throw away what they think is a circular, but is in fact a renewal form, which if they do nothing for, their insurance will automatically be renewed. So, getting the customer in once is half the battle.

Then, look out for discounts. There are many types available. You can get loyalty discounts for staying with a company for a few years. Then there are no-claims discounts, where you get quite substantial discounts for remaining claim-free. Furthermore, you can sometimes get a discount if you get contents and buildings insurance together from the same company.

You could get a discount should you be over 50s, and some most insurers should offer you a considerable amount of money off should you take security measures, such as fitting an alarm, or window locks. Should you join a neighbourhood watch scheme, you may also get a discount.

But don't just look for the best rates, also make sure that you get exactly what you need from your insurance policy. Don't be shy about asking questions of your insurance company or broker.

It's also very important that you read the small print of the policy to find out what exclusions there are on the policy. You can have a very good insurance claim founder upon the rocks of exclusion because the policyholder didn't read the small print. Insurers will very likely use that small print to wriggle out of any payment. It's no use getting great insurance rates when you can't claim on the policy due to the exclusions, which may have been put in precisely because the rate is so low.

What ever you do, do not just accept any old exclusion. If you can speak to your insurer, you may be able to get the exclusion taken out. But whatever you do, if you are unhappy with the policy, talk to your insurer now. Because when you claim, it'll be too late.

 

 

 

 

 

 

 

 

© AskFinancially.com 2008

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