Looking for that house insurance deal that is right for you
Article by David Thomson
The cost of rebuilding your home should it be damaged or destroyed could prove very expensive and yet a large number of homeowners have too little or no house insurance. Statistics have revealed that in the UK one in three of us are likely to fall victim to burglary. Are you covered by insurance to protect against the financial loss these events cause? It could prove prudent to investigate purchasing cover or at lease review, the level of house insurance you have. When undertaking this task, a specialist broker could be helpful when looking for the best level of cover and at a price that suits your budget.
So what exactly is house insurance? At its most basic, an insurance policy that provides cover for the structure of your home, your personal possessions, liability protection and assistance with the living expenses incurred should you temporarily be unable to live in your home because of an insured event, like fire.
Ideally when obtaining house insurance we wish to enjoy the maximum coverage with the minimum premiums and there are a number of things that we can do for ourselves to achieve lower premiums. By simply changing insurance providers could make savings as there are many insurers competing in the marketplace. It could prove wise to explore thoroughly what they have to offer before making a choice; it could be more efficient to use a broker to do this.
Some areas are considered to be of a low risk when obtaining insurance policies. You should be aware if your home is in a flood risk area or has a history of subsidence in the location, as that may mean you are unable to obtain protection against that type of damage or it makes the premiums to expensive. Moving to a location that benefits from lower premiums could solve the problem of finding reasonably priced house insurance.
Making your home safer and more secure is encouraged by insurance companies as this lowers the risk of you making a claim. Not claiming in the last three or more years is often rewarded with discounts against the cost of your policy. There are various things that you can do to your home which will assist with the reduction of risk and make you feel safer. You could make your home physically more secure by fitting good quality mortise locks on all external doors and bolt locks on windows. Extra security could be achieved by the installation of a recognised security system; even the fitting of a working smoke alarm would not only give you peace of mind but also reduce the risk. The insurance companies when looking to issue a house insurance policy assess all these details.
If it is the price of house insurance, that is off-putting then you need to weigh up the costs involved. Could you really afford to rebuild your home? If the answer is no, then house insurance could be the solution. If you have done all the things possible to reduce the insurance risk of your home but the price of the policy still seems expensive. Then you could lower your premiums by increasing the excess amount that you are prepared to pay in the event of a claim. House insurance does not have to be expensive, a specialist broker can help you collect and compare the best quotes and choose the most appropriate cover for your needs.
David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.