© 2006 - 2023 brand-newhomes.co.uk - All rights reserved
Buildings insurance is always more expensive when provided by your mortgage provider. Some lenders even add the insurance premiums to the home loan and you end up paying extra unnecessary interest. Even though your lender will probably require an administration fee to check and authorise your choice of insurance provider, it will be money well spent.
Building insurance needs to be properly worked out to stop you wasting money on a premium that is higher than it needs to be. The value of your home as far as insurance brokers are concerned is the cost to rebuild not its market value. You need to tell them how much it would cost to rebuild it, not how much it’s worth basically. Remember too that sheds, garages and swimming pools will almost always come under buildings insurance, so you’ll need to let them know about these. Getting a surveyor to check your building rebuild cost is often worth it as the money you spend on this can be recouped by you not paying more on your premium than is needed. Alternatively, you can use a house rebuilding cost calculator; all you need is the total floor area measured externally for each floor. www.calculator.bcis.co.uk
Contents insurance can also be complicated if you’ve got any specialist equipment or unique items such as artwork. Anything from surfboards to skis and bikes need to be mentioned when insuring your contents to make sure they are covered. Make sure you know exactly what they’re worth so that you don’t over or undervalue them as this can lead to either an inflated premium or invalid cover.
Normally buying both buildings and contents cover together at the same time from the same company will result in a saving. A recent survey of 600 insurance policies confirmed 85% of insurers gave discounts for combined cover. The AA research has found that the average saving of combined cover is £47.
You can cut up to 20% from your premium by volunteering for a higher excess – the first part of a claim you pay yourself. Agreeing to a £200 excess with one insurer results in a 5% saving.
By going online to an insurance company’s website direct you can save around 20% with Morethan and 25% with Direct Line. Shop around for special offers and other good deals when looking for insurance. By spending time on this you could save hundreds of pounds on your premiums. The various comparison websites are useful for getting an idea of general market prices, but be sure to check companies too as they may well have special offers that are not listed on comparison sites.
By paying for the total premium annually you can make further savings. Paying monthly by direct debit can increase premiums by between 1.5% and up to 10% depending on the company.
You can cut down on your contents premium by making your property more secure. Adding a burglar alarm will instantly reduce the premium. Directline gives 12.5% discounts for an approved and monitored alarm. But remember the monitoring part will cost around £20 a month. Fitting approved secure window and door locks can also give savings. Some insurers may require you to upgrade your security of your home (as a condition of the insurance) to their minimum standards in certain high-risk postcodes. Brand new homes are normally fitted with mortice deadlocks to BS3621 and window locks, as well as having laminated glass to doors and vulnerable areas. Look for the Secured by design logo. Join or start a neighbourhood watch scheme.
Details can be found at: www.neighbourhoodwatch.net
Make sure that if you do have any specialist equipment that it’s kept locked away and you tell your broker this so they can take it into account. An intruder is unlikely to take anything they can’t see, so keep it locked away to be sure.
Insurance providers may give an additional discount for smoke alarms, or charge a higher premium if you don’t have one. Do not forget to check the small print in the policy documents for exclusions and cover limitations.
Finally, be honest with your insurance company to ensure you have sufficient cover if the worst happens. It is better to be over insured rather than under insured. It can be a good idea to take photos of your valuables and possessions. Take a photo from the opposite corner for each room in your house. Keep receipts for all major purchases. You may need them to substantiate a claim.
No claims discount. Look for companies that offer a discount if you don’t make a claim.
Stop smoking. Smoking is an increased fire hazard that some insurers allow for in their quotes.
Check your credit rating. Some insurers check your credit rating and calculate the policy on what they find.
Check your policy - every year to make sure you are not over insured.
Senior discounts. Are you over 55 and retired, you may qualify for an additional 10% discount.
Getting cheap home insurance can seem difficult but with a little effort when choosing you could end up saving significantly on your annual premium. Here are some tips for saving on your home insurance.
|Do's and Don'ts when buying a new home|
|Types of new homes available|
|Buying an apartment|
|Advantages of buying a new home|
|Disadvantages of buying a new home|
|New home buying procedure|
|Questions to ask the builder|
|Regulations to protect buyers|
|New Homes Quality Board|
|Never use housebuilder solicitors|
|Property title deeds|
|What to look for when buying a new home|
|Timber frame construction|
|When to buy a new home|
|Builder's optional extras|
|Buying in a recession|
|New home warranty|
|Buying an apartment|
|Considerations when buying a flat|
|New homes can be bad for your health|
|Why buyers avoid new homes|
|NHQB Code of Practice|
|Consumer Code For Home Builders|
|Consumer Code Dispute Resolution|
|Claiming Compensation - Adjudication Scheme|
|Tricks of the showhome|
|Sales advisors and sales centres|
|Timber frame new homes|
|Timber frame - what you need to know|
|Quality issues with timber frame homes|
|Fire and timber frame new homes|
|What the NHBC does|
|Online conveyancing quote|
|The cost of moving to a new home|
|Tips to sell your existing home|
|Health and safety|
|The site manager|
|Advice on renting a home|
|Air Source Heat Pumps|
|New stamp duty calculator|
|Scotland LBTT calculator|
|Removals and moving home|
|Packing and planning the move|
|Checklist for change of address|
|Choosing a mortgage|
|Avoiding mortgage refusal|
|Rules for new home mortgages|
|Help to Buy|
|How to save on home insurance|
|Home insurance policy conditions|
|Flood insurance claim|
|Renting do's and don'ts|
|Section 106 Agreements|
|Community Infrastructure Levy 2010|
|Snagging and Quality|
|Why do new homes have defects|
|DIY snagging your new home|
|SNAGGING DEFECT PHOTOGRAPHS|
|External DIY snaglist|
|Internal DIY snaglist|
|External snagging defect photo slideshow|
|Internal snagging defect photo slideshow|
|External snagging defects from new homes|
|Who are the best house builders|
|The worst house builders|
|Builder's end of year figures|
|Finding a new home|
|HBF customer satisfaction survey results|
|NHBC awards league table|
|Taylor Wimpey Homes|
|Taylor Wimpey on BBC Watchdog|
|New home customer satisfaction surveys|
|HBF New home survey results|
|HBF House builder star rating|
|After you move in|
|Complete our new home satisfaction survey|
|DIY and home improvement|
|Choosing a tradesman|
|When you find problems|
|How to complain|
|New Homes Ombudsman|
|Making a Subject Access Request|
|Builder Buy Backs|
|Taking a builder to court|
|Regional Managing Director 1|
|Regional Managing Director 2|
|Executive Chairman 1|
|Executive Chairman final letter|
|NHBC warranty claim|
|Subject Access Request|
|New Home Blog|
|New Home News|