Top 10 Insurance Buying Tips - Home Insurance UK

Here are ten tips that should help you make sure you have picked the right policy for your needs.
1. Is it new for old? - when your personal possessions are lost or stolen or damaged, some home insurance companies will pay for a new one to replace the old one, whatever it's value was.

2. What is the excess? - You can volunteer to pay more towards the cost of each claim, which will bring down your premiums. However, don't agree to too high an excess, otherwise you won't be able to afford to claim!

3. What cover can I receive for accidental damage? - Have you ever knocked over a valuable vase? If you have, you'll know that your possessions can be damaged accidentally, and you should ask how much cover for this will cost?

4. Will I have to pay an additional premium for my bicycle? - A bicycle is most likely to be stolen away from your home, and it is, of course, easy to transport! Thus you will often be asked to pay an extra premium to get it covered.

5. Is the food in my freezer covered? -The total cost of the food in your freezer can add up to three figures easily, and if there is damage to your home, it could affect electricity, and then you could lose the food.

6. Is any Business equipment covered? - Sometimes, the equipment you use for business purposes needs to be insured separately. This is because some home insurance companies see the need to have valuable equipment in your home for business purposes as an extra risk.

7. Are my contents covered if I get a burst pipe?- - Some damage to your home may not be covered, and sometimes a burst pipe is off that list. Ask your insurer whether you are covered for this.

8. Is my Jewellery covered-? - Jewellery may be worth an amount over the limit for individual items. It is also often worn out of the home, so your cover may need to be extended to cover it under all risks.

9. Are my contents covered abroad and are liabilities for third parties covered? - If you are covered for contents abroad, you can get cheaper travel insurance. If someone trips over in your home, you could be sued for a massive amount, so make sure you are covered for that.

10. Can I get a discount for buying contents and buildings insurance from the same insurer, and can I get a no claims discount? - Sometimes, you can get a discount for buying "in bulk", and it's less hassle if you are dealing with one company. Look out for no claims discounts if you have a claim-free history, they can be worth your while to look for.

 

 

 

 

 

 

 

 

© AskFinancially.com 2008

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