Building and Contents Insurance
Building and contents insurance has become an inevitable part of life and in some cases its even compulsory to have it. With countless risks of your p…
Building and contents insurance has become an inevitable part of life and in some cases its even compulsory to have it. With countless risks of your property and your belongings getting damaged, lost or stolen its really important to protect yourself against potential loss. Anyone whos ever had all their possessions stolen or lost in a fire will attest to the value of having proper insurance cover. The simple fact is that you never know when its your turn and usually when you really need insurance, its too late.
While we commonly talk about home and contents insurance in the same vain, its really 2 very different things. Although the same policy can cover both, it can (and in some cases should) be bought separately.
Building insurance refers to insuring the building itself against natural disasters, structural damage, fire or any other damage to the building itself. This includes the land as well as any permanent outbuildings on the property. As a rule of thumb, anything that cannot be moved is covered by your building insurance but be sure to go through your policy with a fine toothed comb as there are many exclusions and Gray zones that differ from one insurer to the next. Building insurance is compulsory when financing a home.
Contents insurance refers to the insurance of all your belongings inside your home. As a rule of thumb, its all the movable belongings inside the home but this varies vastly between different insurers. One important thing to be aware of is that some belongings are confined to your home (stuff like beds and coaches) while other things like mobile phones and electronic equipment can be used outside the home. Your insurance policy depends on the level of cover you want and insuring every last possession you have can be very expensive.
By getting both building and contents insurance at the same time with the same insurer definitely has potential for cost savings. Its also a good idea to always get a profesional surveyor to come in and help you establish the true value of your building and your contents as this can have a huge effect on the price of your premiums.
While your house itself may be your biggest asset, its important to look at the value of your possession as well. In many cases the real value of everything you own adds up and losing it can be a significant loss. Paying for insurance can be a pain and the temptation to not have it is always there. Dont be stupid. If you think it wont happen to you, think again. Better safe than sorry. Always ask yourself this question: Am I prepared to lose it all?
Cheap Contents Insurance
Finding cheap contents insurance can be a real challenge as most insurers are just plain ripping us off. premiums are sky high and claims are extremely difficult. Finding a good insurer is just as important as finding a cheap one. Policies and prices vary greatly and by simply shopping around you can find cheap home and contents insurance that provides adequate cover.
Apart from shopping around, there are some basic things that you can do that will allow you to get cheap contents insurance regardless of the provider. Lets quickly look at some of the aspects that will help you save across the board.
If you are a smoker, then your home is at a higher risk and your policy will have a premium for this. Non smokers and homes where there arent any smokers are obviously at a much lower risk of fire and therefore you can save.
When it comes to contents insurance the threat of burglary is always there and if you have proper home security it can greatly reduce your monthly premiums. Consider installing an alarm system before you apply for your new insurance policy. burglaries is one of the biggest threats to your home contents and this alone can go a long way to getting you cheap contents insurance.
– Communal Safety
In neighbourhoods that is considered a safe community, the insurance rates are much lower. Check with your local council to see if you have a neighbourhood watch in place and check to see if you can initiate a similar program as this will benefit the entire communitys safety record with insurers.
– Garage Location
In terms of building insurance, the garage holds a great risk. The fact that it contains flammable liquids and often a lot of chemicals, boilers and gas connection its something that can hold a lot of risk. The location and proximity of your garage to your home plays an important part in the risk factor of your building insurance. By locating your garage a safe distance from your home you can save on your buildings insurance.
Old homes are generally considered more risky for insurers. Old wiring is one of the major causes of home fires and faulty gas lines can often be found in houses that are 75 plus years old. When you renovate an old home, you might be entitled to a discount on your home insurance. This is also an important consideration when you buy a new home as older homes tend to have higher premiums.
Although some of these things might sound silly, it can really add up. Getting cheap contents insurance comes down to ticking a lot of these boxes. Most of all you need to compare contents insurance quotes against each other and shop around for the best deals.
House And Contents Insurance
In this day and age we simply cannot go without house and contents insurance any more. Its become a necessary expense and one that it just part of protecting your most valuable assets. Your home, your health, you car and even your life are all things we need to insurance as a means of protecting ourselves. Far too many people learned the hard way, that when you dont have insurance, any unforeseen event can ruin you and your family financially.
Home and contents insurance are actually 2 separate policies although many insurers offer it as an all inclusive package. House insurance usually refers to insurance on the building and the property itself while contents insurance refers to all the non-fixed items in the house.
Your own individual needs and circumstances will determine your policy and in many cases you can save by getting both house and contents insurance with the same insurer. There are however a few ways that you can save big. Here are some easy tips.
Fire alarms, smoke detectors and burglar alarms are easy and inexpensive ways to knock a big chunk off your monthly payments. In fact, over a year you can save a small fortune and these are really easy steps that anyone can take to get cheaper insurance.
If you are planning any renovations on your home, its best you do it before you renew your insurance policy for the year especially if you live in an old home. By rewiring an old home or replacing the gas supplies can put your home in a safer category which means a lower premium.
Deductibles is yet another great place where you can save. By increasing your deductible you can double your home owner insurance. Deductibles are usually around $250 and by carrying it over you can easily save about $10 a month.
While shopping around and comparing quotes is the best way to get cheap house and contents insurance, its very important that you look at the actual policy. Dont get blinded by cheap monthly payments. Look closely at all the fees and all the costs over a full 12 month period as this will be a much more accurate reflection of how much you will really pay. Prices and policies vary greatly depending on your individual circumstances and although online quotes are easy to come by, there is a lot to be said for picking up the phone and talking to an expert.