For most people, their home is their most valuable asset. Not only in monetary terms in the case of homeowners, but also in terms of sentimental value. Our home is the safe place where we build our lives and surround ourselves with our most prized possessions. It makes sense to protect that by making sure that we have adequate home insurance.
There are many different providers of home insurance and home content insurance, including specialist companies, banks and even the post office, many of which also offer car insurance and bike insurance. It is important to shop around to find the best cover for you at the best price. The main four options when shopping for insurance are as follows:
Home insurance brokers. A broker will shop around for you to an extent but are generally limited to the insurers they have commission deals with.
Direct insurers. You could go directly to an insurer but unless you do a lot of shopping around, it can be difficult to know if you are getting the best deal.
Branded providers. These may include supermarkets or retail chains. They have a loyal customer base and hope that this customer base will try out their insurance products. Again, unless you have done a lot of shopping around, how are you to know that the products they offer are the best ones for you?
Home insurance comparison website. This will search the market for you and provide you with a range of quotes for a wide list of insurers, tailored to your individual circumstances.
Using a comparison website saves you time and takes all the hard work out of finding the best deals. A comparison website will provide you with home insurance quotes clearly presented so that you can easily compare them and find the one most suitable.
Homeowners will be aware that they need to adequately insure their house with buildings insurance. Buildings insurance will provide the cover needed to make essential repairs or even rebuild your property should it be damaged or destroyed. Fire can cause devastating damage to the fabric of a building, as can water. Therefore it is essential to ensure that your home is properly protected against such disasters. Good home insurance cover will provide you with the peace of mind that, if the worst were to happen, you would be able to make good any damage to your home.
Home contents insurance is equally as essential, as this is the insurance that protects your possessions. A survey by a major insurer found that the average home contents were worth over £40,000. This figure may surprise as the same survey also found that 59 per cent of people estimate the worth of their possessions to be less then that.
It is important to take some time to consider the true value of the contents of your home before you begin shopping for insurance. The cost of insurance will vary depending on the value of the policy, so in order to really see which insurance policy provides the best value for money, you need to make sure that it will provide adequate cover. It’s no good going for the cheapest policy with only £10,000 worth of cover if your possessions are worth £50,000, because if the worst happened you would be unable to replace your items.
One good tip is to walk around your house with a notebook and pen, jotting down the approximate value of the contents of each room. For example, the living room can often be a high value area. As well as expensive sofas and furniture, it often contains many high-value electrical gadgets. Many living rooms will have a television, DVD player, sound system, games console and computer. Other small electrical gadgets are often kept in the living room such as cameras and camcorders.
Upstairs, don’t forget to consider the value of the contents of your wardrobes, as well as any jewellery that you may own. Many people have no idea of the value of their clothing and shoes, but research by another major insurer provider found that the average person spent over £900 a year on such items. As most people keep clothing for several years, the value of the contents of the average wardrobe could easily run into thousands of pounds.
Once you have an accurate estimate of the worth of your home contents, you can start looking for a quote for adequate cover. An insurance comparison website can help you to find the best deal.
As well as fire, flood and other ways your home and its contents could be accidentally damaged, it is important to also protect your belongings against theft. Burglary is a serious and unfortunately common crime in the UK, with one in three households having been burgled at some point. It is therefore essential to make sure that, should your items be stolen, you have the insurance to replace them and will not suffer a financial loss.
Insurance comparison websites are not only useful for finding the best home insurance deal, but also for your cheaper car insurance or motorbike insurance. Should you have an accident while out on the road, or if someone else damages your vehicle, you need to be fully insured to prevent you from being out of pocket. The cost of car repairs or replacements can run into thousands of pounds, but should someone be injured in an accident then compensation costs can be much greater. Don’t leave yourself liable for these costs that can very easily spiral; make sure that you have adequate insurance.
It is easy to imagine that the worst will not happen to us, but it can and unfortunately often does. Don’t put your valuable possessions at risk or put yourself in a position where you may not have a liveable home. By making sure that you have the correct home insurance you are giving yourself the peace of mind that, should you need it, the financial cover is in place. Of course, you should always get the best deal that you can on any type of insurance you require, so compare as many providers as you can before you commit. Peace of mind doesn’t have to cost a lot but not having insurance could cost you more than you bargained for.