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How to save money on your home insurance |
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Getting proper insurance can seem like a real drain on your finances 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. |
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1. Value it properly |
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Building insurance needs to be properly worked out to stop you wasting money on a premium which is higher than it needs to be. The value of your home as far as insurance brokers are concerned is the rebuild value, not its resale 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. |
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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. |
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2. Make it secure |
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You can cut down on your contents premium by making your property more secure. Adding a burglar alarm will instantly reduce the premium, whilst fitting secure window locks is also a good idea. 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. |
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3. Shop around |
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Make sure you use the internet to shop around for special offers and other good deals when looking for insurance spending a good amount of time on this could save you hundreds of pounds in the long run. Comparison sites are useful for getting an idea of general market prices, but be sure to check specific brokers too as they may well have special offers that won’t be listed on comparison sites. For example, some home Insurers are currently offering 15% off buildings and contents insurance when you take out a combined home insurance policy with them online. |
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