If you’re on the hunt for cheap house insurance quotes, here are 13 things you need to know first:
1)There are two types of cover
Be aware that there are two types of cover: buildings insurance and contents insurance. You can take these out individually if you only need one, or you could opt for combined cover. This can sometimes be cheaper than buying buildings and contents insurance separately. But be sure to speak to your broker to ensure it’s appropriate for your needs.
2)Price isn’t the most important factor
If you own your own home it is probably the biggest financial investment you have. Whilst insurance might not be the most exciting thing to spend your money on, it is essential for peace of mind. Without it, you could be faced with potentially financially crippling bills if something does go wrong. You may feel tempted to save money, but don’t cut corners on your home insurance. If you do, you may find yourself paying out substantially more in the long term.
3)You have to have buildings insurance if you have a mortgage
If you own your home outright, taking out buildings insurance isn’t compulsory, but it does make sense. If you own your home with a mortgage, taking out appropriate buildings insurance is normally a condition of your mortgage. And if you rent your property, it’s your landlord who is responsible for your buildings insurance. But remember, your landlord won’t take out contents insurance for you – that’s down to you!
4)What is usually included in buildings insurance?
Buildings insurance covers the structure of your home, including a garage if you have one. If your building, and fixed fittings such the kitchen, are damaged by fire, flood, or another calamity, it will pay out for the building to be repaired or rebuilt.
5) What is usually included in contents insurance?
According to the Association of British Insurers, the average British household owns £35,000 of stuff. But a quarter of us don’t have any contents insurance, so would lose the lot if there is a catastrophe like a fire or major flood. Contents insurance covers you financially so you can replace damaged or stolen items. If you think your possessions aren’t worth much, it might be worth sitting down and doing a quick calculation. Don’t forget the cost of replacing things like beds, clothes, curtains as well as your tech and even cutlery! The contents of your home probably cost a lot more to replace than you think.
6)Extra options available like accidental cover, and insurance for data and downloads
Most basic house insurance quotes won’t cover you for any accidental damage. For example, your water pipes spring a leak because you drill through a pipe in the wall accidentally, or your child kicks a football in the house and smashes the TV. But accidental damage can be included as an add-on to your home insurance for complete peace of mind. It’s also worth looking at other add-on options. For example, if your tech is stolen or damaged, have you thought about the cost of replacing your music or film downloads? Data and download cover is not normally covered by basic home insurance policies, so if this is something you need, speak to your broker.
7)Do you need specialist house insurance?
Listed buildings or buildings with a more unusual construction, such as thatched buildings, can’t normally be covered by standard house insurance. If you own a property like this, you’ll need to look for specialist home insurance.
8)Be Airbnb aware
Airbnb has made letting out a room in your home an easy (and lucrative) proposition. But if you let out a room, you’ll need to let your insurance company know. If not, your house insurance could be invalidated.
9)Tell your insurer if you work from home
Over 4 million of us now work from home. If you do, you’ll need to let your home insurer know. If you just carry out clerical work from your home and don’t have visitors connected to your business it’s unlikely to add anything extra to your insurance premium. But failing to disclose that you work from home could invalidate any future claim.
10)New for old policies
Don’t just assume that you’ll be able to go out an buy a spanking new iPad if yours gets stolen and you claim on your insurance. Many house insurance policies specify a like for like replacement, so if your iPad was several years old, you’ll be offered a replacement that is the same. If you want to be sure you can go out and get a new version, opt for policies that offer a new for old replacement.
11)Do you need to specify any high-value items, like jewellery
When you get your house insurance quote, check the small print to be sure that any individual item limits are high enough. If you own any high-value items, such as jewellery, watches, and antiques, you may need to specify them on your insurance policy. Remember that values can go up, so if the most recent valuation of your diamond engagement ring is more than a few years old, it may be prudent to get it professionally valued so you can be sure you have the right level of cover.
12)Think carefully if it’s worth making a claim
Building up a record of no claims is the best way to save money on your home insurance. Think carefully about whether you need to put in a claim for smaller amounts, as it could impact on the cost of house insurance premiums for future years.
13)Getting the best value price on house insurance quotes
For the best value prices on house insurance you can rely on, you should always shop around. A price comparison website can be a good place to start but be aware that they don’t compare prices from all insurers, and always read the small print carefully to make sure you are buying the level of cover you think you are. Alternatively, use an experienced broker like Park Insurance to do the legwork for you.
Great value house insurance you can trust
Park Insurance acts independently, so we can shop around and negotiate great prices on quality home insurance. For a free quote, call our experienced home insurance team on 0117 955 6835 or get in touch.