by insurance | Dec 22, 2018 | Insurance Guide
Home insurance is a basic term for two different types of insurance policy. Buildings insurance to cover the construction of your property and home contents insurance to protect your valuables and other household objects.
The problem is that not all home insurance policies are created equal making it difficult to compare like with like. The areas and level of cover provided vary from policy to policy along with the premiums. So having a definite idea of what you need to insure and for how much will help minimise the overall time and money spent buying it.
TIP 1: Cut the risk, cut the cost
All insurance policies protect against the risk of financial loss. So to cut the cost, cut the risk to the insurer and you’ll get a lower premium. To give you an idea, here’s a quick summary of the most effective tactics…
• Contact your home insurance company or local neighbourhood watch scheme and they will send you a list of steps to make your house more secure and less likely to be targeted by thieves.
• Fit locks to all windows and level 5 (BS3621) mortise deadlocks locks to the doors. Most insurance companies will give you up to 10% off your home contents insurance if you have these kind of locks fitted around your house.
• Having a good alarm fitted by a recognised alarm fitter, which your insurance company can recommend, can give you up to 10% off your policy. Bear in mind that these are expensive alarms which require an annual check up.
• Higher policy excess. You will usually have to pay the first £50 of any insurance claim, but if you’re willing to pay more then, your premium will fall now.
• Neighbourhood watch schemes. Some home insurers offer discounts if you live in a neighbourhood watch area; however this is less common.
• No claims bonus. As with your car insurance; a record of no previous claims will reduce your premium. If you need to make a claim, consider whether it may be cheaper to pay for the loss yourself and avoid an increase in premiums.
• Your age. Statistically, the older you are, the less likely you are to make a house insurance claim. So if you’re a lower risk this will be reflected in your premiums. Some companies offer extra benefits to those over 50 such as Saga.
• Extra security. Declare any special safety precautions you’ve made for your valuables such as a home safe.
• Your lifestyle. If you have a dog, are teetotal and don’t smoke, be sure to declare this as such factors are used by some insurers to reduce premiums.
• Occasionally applying to your existing insurer as a new customer can reduce your premiums. Many insurers offer discounts to new customers which won’t be repeated when you come to renew.
• If you can apply online you will normally get a discount of around 5%.
Before you carry out any security improvements to your home, always check with your home insurance company first. They will confirm which improvements will have the biggest cost cutting impact.
TIP 2: Know what home insurance you need
Working out an accurate figure for the buildings and contents insurance value can be awkward, which is why a lot of homeowners are either under insured or paying for levels of cover they don’t really need.
Buildings insurance covers the re-build cost of your property not its market value. The re-build value of your home is the cost of re-building it in the event that it is destroyed by fire or subsidence for example. The re-build value of your home can usually be found on your mortgage agreement, or property deeds. The Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS) produces a range of detailed information on the cost of rebuilding houses and flats together with a re-building cost calculator.
Alternatively, you can opt for a policy that has an unlimited or high standard buildings sum insured so you don’t have to worry about insuring the right amount.
Then there is the home contents insurance which covers almost everything else you would take with you if you moved house. Make a list of the rooms in your house and write down all the items contained in each with there value. Then, total the individual amounts to see what contents insurance protection you need. Remember to value items such as music CD’s, videos and clothing as their total cost is often missed or under insured. Whether your wardrobe is full of jeans or designer labels, make sure you include the cost of replacing them.
TIP 3: Look at separate buildings & contents insurance
If you need both buildings and contents insurance, get quotes for separate policies for maximum potential savings. Most insurers do provide them as separate policies and just because one is cheap for buildings cover doesn’t mean they are equally competitive to insure the contents. Find the cheapest providers for each component and consider buying each from different insurers.
TIP 4: Shop around for home insurance
Shopping around will yield the biggest savings on home insurance.
Firstly, don’t simply opt for the home insurance supplied by your mortgage lender. They can be convenient when your busy sorting your mortgage but they’re often over priced and chances are they won’t have been compared against other policies on the market.
When shopping for insurance you basically have three options; go direct to the insurer, browse the web or use a broker. If you have the time and commitment you can do all three, but the fastest and most effective route is to log on and use the reach of the internet.
The best insurance websites compare dozens of brokers and home insurance companies in minutes. You only have to fill in one form to get a list of premiums displayed on your screen from major insurers and brokers. However, if you have unusual or very specific requirements the final premium may increase when confirmed direct with your chosen insurer.
TIP 5: Ask for a bargain
Home insurance has a margin of profit built into it which can be negotiated down if you’re armed with the right information. Not all insurers will buckle and concede an additional discount but if you don’t ask you won’t know.
• First, find the cheapest quote after using internet comparison sites and phoning a few brokers.
• Select the cheapest quote and contact your existing insurer first asking them to beat it. If they won’t budge contact the second cheapest insurer and do the same.
• If after your best efforts, the insurer won’t budge, ask them to throw in some extra cover to sweeten the deal or move on to the next home insurance company and repeat the same steps.
by insurance | Dec 22, 2018 | Insurance Guide
Insurance laws may vary widely from state to state, different kinds of property require specialized coverage, and collections of art, antique cars,
Getting the right property and casualty insurance coverage may not rank high on your list of financial priorities. Compared with investment decisions and estate planning issues, questions about the language in your homeowners policy, say, may seem hardly worth considering. Yet the more successful you become, the more complicated your asset-protection needs are likely to be—and the more you have to lose. Suppose, for example, that in addition to your primary residence—a historic home—you also own a house at the beach and a condo in the city. The properties are in three different states. The value of your collection of Abstract Expressionist paintings has grown rapidly. And you just volunteered to serve on the board of directors of a charitable organization.
Almost every aspect of this situation could cost you dearly. Insurance laws may vary widely from state to state, different kinds of property require specialized coverage, and collections of art, antique cars, and other unique items may be difficult to protect fully. Meanwhile, serving on a nonprofit’s board could subject you to additional personal liability.
Safeguarding yourself and your family may mean buying additional coverage, but more insurance isn’t necessarily the solution. Rather, it’s important to review all of your needs, consider specialized policies or policy options, and coordinate your coverage with other aspects of your financial situation. Here are 6 different shortcomings that could prove costly.
1. Leaving gaps in homeowners coverage. Any homeowner needs to review coverage regularly to keep up with rising replacement costs. But insuring different kinds of homes in different locales poses extra challenges. If you buy insurance from more than one carrier, you may face contrasting rules, limitations, and policy renewal dates. For example, the liability limit on the policy for a second home might fall below the minimum on an excess liability policy designed to complement the insurance on your primary home. You could wind up responsible for the difference.
2. Ignoring properties unique characteristics. One perk of affluence is the means to own exceptional homes; one drawback is that they may be difficult to insure adequately. Standard homeowners coverage won’t pay for the materials and craftsmanship needed to rebuild that 19th century showplace you’ve painstakingly restored. Coastal homes may face hurricane damage, while a place in the California mountains could be subject to earthquakes or wildfires. Meanwhile, city co-ops or condos may need policies tailored to their buildings or associations coverage.
3. Under insuring art and collectibles. Standard homeowners policies limit coverage for the losses of antiques, furs, and other valuables. And while you could schedule additional coverage, insuring the real value of a collection of contemporary art or vintage muscle cars likely will require a specialized policy addressing several critical issues. How is the value of the collection determined? (You’ll need a professional appraisal when the policy is designed, with frequent updates as items appreciate.) Will a damaged or destroyed item be paid for with cash, or will you be required to have it replaced or restored? Will additions to your collection automatically be covered?
4. Forgetting to insure household employees. When someone works for you or your family, as a nanny, landscaper, personal assistant, or in another role, you could be liable for medical expenses and lost wages if the worker is hurt on the job. Several states require household employers to pay into a workers compensation fund, while in other states it’s optional, but providing such insurance may be mandatory for ensuring your financial well being. If an employee drives your car, also make sure he or she is included on your policy.
5. Neglecting your liability as a board member. Excess liability coverage could help protect you if you’re sued as a director of a nonprofit’s board. Or for more comprehensive protection, you may want to consider special directors and officers liability insurance.
6. Failing to get frequent policy reviews and updates. Your financial life isn’t static, and neither are your insurance needs. The value of a collection may increase; extensive home renovations could mean a sharp rise in the value of your property; and the re titling of assets as part of your estate plan—or because of divorce, a death in the family, or the birth of a child—could necessitate policy changes. Even lacking major events, you probably need a comprehensive review of all your insurance coverage at least every two years.
by insurance | Dec 22, 2018 | Insurance Guide
Home insurance is a necessary expense for most of us, but that doesn’t mean we have to pay over the odds. Try these eight simple tips to see how you could reduce your premiums.
No one likes paying for home insurance, but it’s a necessary evil for most of us. This doesn’t mean you have to pay through the nose for it though – try these 8 easy tips for cheaper home insurance and see how much you could reduce your premiums by.- Shop Around
By comparing prices from several insurance companies, you’ll probably be able to reduce your premiums by a substantial amount. This may seem obvious, but research has shown that a surprisingly large proportion of people either just renew their current policy, or get only one or two quotes. Many insurance web sites will automatically compare dozens of policies for you, making this one of the easiest ways to reduce your insurance bill.
– Buy online
If you buy your policy online you can often get a discount of up to 20% on normal prices, because there are less administration costs involved and the savings can be passed on to you.
– Combine your buildings and contents policies
Many insurers will give you a discount if you take out both types of home insurance with them, and this usually works out cheaper than getting the two kinds of policies from different companies.
– Pay upfront
Although most insurers let you pay your premium in monthly instalments, many will charge interest for this. If you can afford to pay a full year’s premium in advance, then this will work out cheaper in the long run.
– Don’t claim for small amounts
Making many small claims can increase your insurance costs, as your insurer may see you as a greater risk and increase your premiums. You will also lose any no claims discount your policy has. Of course, you’re entitled to claim for anything your policy covers, but ask yourself if making a small claim is really worth the hassle and possible future costs.
– Voluntary excess
This is related to the last point. Insurance policies feature something known as ‘excess’, which basically means that the policy won’t pay out on claims below a certain value. On some policies, if you choose to raise your excess to a higher level, then your premiums will be lower.
– Increase your home security
Beefing up your home security with better door locks, window locks, outdoor lighting, and alarm systems can all result in lower premiums. Ask your insurer what you could do to get extra discounts.
– Reduce your cover
Many policies feature benefits that you might not need, such as cover for personal possessions while travelling, or ‘free’ legal advice. Look through your policy and see what parts of it you really need – by cutting your cover down to size you may be able to reduce your premium.
by insurance | Dec 22, 2018 | Insurance Guide
After loads of man-made and natural calamities in USA the Home Insurance market has come much into prominence. And at present the competition is at its peak.
Homeowners Insurance is a guarantee, which pays the cost of your house if it gets damaged in some natural or manmade disasters like fire, floods, storms etc.
To get a good home insurance quote we often turn to agents. The agents in turn look for home insurance leads. The home insurance leads ultimately get converted into business. To achieve the desired target the home insurance agents should use significant tools. In the era of Internet, home insurance agent must know facilities like emails, billboards, Yellow Pages ads and pop up ads. These tools are fruitful to get an effective lead if used properly.
As Internet is the convenient and fastest mode of communication, you can fill your form on homeowners insurance lead provider’s website according to your own specifications. This will help you finding a prospective customer for you. When home insurance leads service providers receive the form from the agents, they promptly send a reply to the agents with all the information submitted by the insurance lead. Then the insurance agent contacts the lead through the email or phone and offer them online homeowners insurance quote.
To obtain specific leads from any lead provider company, the insurance agent should give them appropriate information and their coverage area.
Here are some special offers provided by home insurance lead provider companies:
– They offer some free leads so that you can know their work quality.
– Lead provider companies are ready to offer their service on very competitive price.
– Advanced filtering options.
– Some lead provider firms will contact you by fax or telephone when you are offline.
– There is no need of any monthly fees or long-term contact. So if you don’t find there service beneficial to you, you can choose another company.
by insurance | Dec 22, 2018 | Insurance Guide
The recent flooding in certain areas has caused worry and pay out for some insurance companies with figures expected to reach around £2.5 billion and it is almost certain to boost up the cost of home cover in the near future. With this in the pipeline many homeowners who need a policy or want to renew a policy could be led to panic buying to beat the increase in premiums.
While of course we all want to secure the cheapest premiums for our home cover it is essential to get adequate cover for your particular needs and buying “off the peg” insurance of course will not be tailored to your individual circumstances. By all means shop online for your home cover but avoid the direct insurer websites that flaunt extremely low cost insurance. While you might get a cheap policy it could be useless if it does not include what you need, low cost policies are just that, only very basic. For instance if you live in a high risk area for flooding and have bought insurance without reading the small print or stating you live in a high risk area then you might not be eligible if and when it came to making a claim.
It is essential that you fill in an application thoroughly for your home cover and be totally honest; if you go with a specialist broker for your quotes they will be able to shop around on your behalf and get you the cheapest premiums while at the same time gathering together the key facts of the cover.
The key facts are where you can find the exclusions and what is and is not covered in your home insurance, it is essential that you do compare these along with the cost of the insurance. Insurers will try to wriggle their way out of insurance claims if possible, so it is imperative that you do not give them good reason to begin with.
Direct insurer websites can sometimes lure homeowners with what seems to be attractive premiums for home cover only to discover when they try to make a claim that they have a huge amount of excess to pay before the policy will payout. While we all expect to pay some excess, an additional sum can be added into the policies small print so again it really pays to read it over.
The information you can get from a specialist broker can go a long way to saving you money on your home cover while at the same time making you aware of the many tricks that some insurance companies will pull to get you to sign up for a policy. Cheap insurance can be good providing it is suitable for your circumstances, if it is not then it could cost you thousands in the long run if you have to pay out of your own pocket for repairs because of the exclusions. Never take for granted that your home cover includes all the extras that was listed on the website, this again can be just another way of luring you and almost certainly somewhere on the page will have been small print stating that not all is covered in a basic policy.
by insurance | Dec 22, 2018 | Insurance Guide
There are a number of insurance companies that focus primarily on insuring recreational vehicles (RVs). These companies provide comprehensive policies that thoroughly protect RV owners. Some of the top RV insurance companies are Gilbert RV insurance, RV America Insurance, Progressive RV Insurance, and Good Sam RV insurance. Each of these companies has numerous options for RV coverage. RV owners will be able to find the coverage they need with one of these top companies for a reasonable price.
Gilbert RV Insurance offers several options for RV owners. Some of the best things about Gilbert are the replacement cost coverage, the purchase price coverage, and the full timer coverage. The replacement cost coverage guarantees that the client will receive a new RV of the same model, body and size if the original RV is totaled. The purchase price coverage is similar. It gives people the option of being paid the total price paid for the RV in the event that it is totaled. The full timer policy is perfect for people whose RV is their primary residence. This policy provides total coverage for the RV and has higher liability limits.
RV America Insurance provides a number of options for owners of all types of recreational vehicles. The most unique aspect of RV America Insurance is that it works with six different RV insurance companies. This insures that RV owners will get coverage that is specialized to meet their needs at a low cost. Some of the options available include flood, theft and fire coverage; full timer coverage; total loss replacement; and 24/7 roadside assistance.
Progressive RV Insurance is perfect for covering many types of recreational vehicles. Progressive is a top rated car insurance company. They apply their excellent vehicle coverage for RVs, but also understand that an RV is like a home on wheels. Progressive offers full RV coverage including personal effects coverage, campsite coverage, and emergency placement coverage in case RV owners need somewhere to stay while their RV is being repaired.
Good Sam RV Insurance is a part of the Good Sam Club for RV owners and campers. The Good Sam Club offers members emergency roadside service and extended warranties on RVs as well as comprehensive insurance. Some of the many features offered are full RV replacement, full timer coverage, permanently attached items coverage, and personal effects coverage. Good Sam saves RV owners on average of $312 a year on RV insurance and received an “A” rating from A.M. Best.
These top-rated RV insurance companies can provide RV owners with the coverage they need. From occasional RV users to full timers, everyone can find a policy to fit their needs.
