Don't Skimp On Home Insurance

If you are worried about how much home insurance is enough, simply estimate the contents of your home and have your home market value appraised. Then shop around different companies for an insurance quote and make sure the amount is sufficient. For many people their home and the possessions it holds represents their entire life savings.

Contents cover

Insuring home contents should be considered in the process of buying buildings insurance. Contents insurance coverage does not add high expenses to the premium and is very often quoted at the same time as the buildings insurance. The average price to add content insurance to the buildings policy can be as low as £40 a year.

For all different levels of income, contents insurance is a safe choice because every home has a television, stereo, computer, DVD player, and camera. Insuring these contents means if they get stolen or damaged, the insurance will replace them for the coverage.

Buildings insurance is required by most mortgage companies and many homeowners know if a home gets destroyed, the cost to rebuild needs to be covered. But the reality is that thieves tend to go into the home and steal your possessions rather than burn your house down, so why skimp on contents insurance?

How to save costs

If money is an issue when deciding to add insurance programs to your buildings insurance, here are some ways to lessen the premium.

· When replacing items, decide if new is better than old.
· If you pay annually, many insurance companies don’t charge extra credit fees - which can be up to 30% for monthly payments.
· Decide if accidental damage coverage is necessary.
· Smoke alarms and carbon monoxide detectors must be working
· Any fixtures that look loose, check and fix to avoid accidents.
· Stop delaying on home repairs; locks, windows and external gates all need to be working. By installing an anti-theft house alarm, this could save 10% a year on your premium.
· Raise your deductible or excess, this can save 10% a year.
· All outdoor structures should be locked at all times. Sheds and garages have become popular for thieves.
· Make sure your insurance company knows of any DIY improvements as this can raise your appraisal and home value.
· Before making a claim, decide if it’s worth reporting. If the cost to repair is going to be as much as the excess, then reporting it will increase your premiums.

Shop around when deciding which insurance company and policy fits your needs. If you’re thinking of saving a few pounds and skimping on contents inurance, keep in mind that your contents will not be replaced if something happens to them.