Home Insurance Guidance
The saveyourselfmoney Cheaper Home insurance guide
Why is home insurance important?
A home is an Englishman's castle, this is probably true of all the nations of the United Kingdom. In financial terms, your home is probably the most valuable thing you own because not only does it serve as a living space for loved ones, but it also contains all of your precious possessions, your contents. With this in mind, it is only right such an asset is protected should a worst case scenario rear its ugly head.
Home insurance can cover against theft, fire and damage and householders and individuals can make claims to help pay for rebuilding and renovating, as well as money to help replace damaged or stolen items.
Points to remember
The time a house was first built, as well as what sort of property it is and where it is located, are important factors when calculating premiums and some dwellings - such as those built near a river or homes with thatched roofs - could be more difficult to find cheaper home insurance for than others.
But the householder does have some control to reduce home insurance policy costs as simple additions such as burglar, fire and carbon monoxide alarms, deadbolt locks and other security measures can all lead to cheaper home insurance.
Cost of rebuilding
It is important for consumers to remember that when buying building insurance with home cover they only need to insure the amount it would cost to rebuild the property including any extensions and not the market value of the dwelling which includes the cost of the land.
Digital downloads
Many people may not realise their precious digital music and video library can be covered by the contents element in a home insurance policy should a computer go missing. The number of insurers that offer this type of coverage at the moment is growing- which could be something iTunes fans want to keep an eye out for.
Home and away
Your home is most exposed to burglary while it is empty and so, for peace of mind at least, home insurance cover can help families replace items. Nevertheless, having a burglar alarm fitted to the outside of the house, locking away tools and ladders and keeping valuables out of sight should anybody be looking in the windows can all help reduce the chances of break-in.
Property built on a floodplain
It can be tricky finding a competitive deal for home insurance if a property has been built on a floodplain; however there are companies that specialise in this sort of cover.
Jargon busted
Act of God - Events in nature such as lightning or earthquakes. These can sometimes be excluded from home insurance coverage and so consumers cannot claim if they damage a property
Due diligence - That the householder has taken reasonable steps to ensure measures are in place to prevent a property from being damaged or possessions being stolen. Failure to do this can result in rejected claims
Excess - The fee the policy holder would have to pay towards the total sum of the claim
Inception date - The date when the policy takes effect
