UK House Insurance - What Policy To Choose
By: Trevor Dace
The first step is to consider your needs.
As a starting point let's consider
What sort of property do you live in and do you have many collectibles or just typical fittings and furnishings?
Are you living in a flat or bed sitter?
Are you the owner of the buildings?
Maybe the landlord is already paying the insurance for the actual bricks and mortar?
Do you tend to have more than your fair share of accidents?
Are there any children rushing around the house?
Remember that you need to choose (for both buildings and contents) if you need, and want to pay for, accidental damage cover or if you are happy to accept just the basic perils covered. Considering questions like these will help you decide.
Nowadays, most of the companies offering online home insurance calculate their building valuations based on the type of building and number of bedrooms together with your post code. You are then invited to increase this value if your property is particularly well preserved or if it has additions such as a conservatory or converted loft. You must remember that this estimate is for the cost of having the house rebuilt, it doesn't include the cost of the land that the property is built on.
When considering the contents there are two options. You could write down a list of everything you have and note beside it the replacement value (we're presuming that you have 'new for old' cover). If that sounds too much like hard work then you might consider a 'bedroom rated' policy i.e. the contents valuation is calculated from the number of bedrooms in the property. It would save all that work but you would be very likely to be paying out a higher premium for higher sums insured than you need to.
Next, consider all those special items and valuable pieces you have. When considering any valuable jewellery, antiques or works of art, we always suggest that you specify them as individual items on the policy. This will add to the policy cost but it is worth the additional cost. Before listing them, get a professional valuation for each piece (and if jewellery, gem checked) and get a photograph of each piece. Similarly with laptop computers, Ipod's,bicycles, expensive camcorders, PDA's and so on. In fact, anything of value that you take out and about with you.
Next, I recommend you take out cover for unspecified items outside of the home. This cover should also give you insurance to cover accidental damage for these items within the home. This is essential cover for everybody that ventures past their front door! It will also cover you for your basic baggage whilst on vacation thus saving you on your travel insurance. And the cover is better! (Travel insurance providers always pays indemnity - i.e. item value minus wear and tear. Your unspecified items cover, if you follow my advice, is 'new for old' - except clothes).
Fifth - liability cover. In this age of blame culture this is essential. It is always provided free with your other cover. Make sure you have it on both buildings and contents if you are an owner. If you do not own buildings, then the liability cover on contents is fine on its own. It's a bit like having 'third party' cover on your car (although not legally compulsory).
Lastly, there are the 'freebies' that many insurers now provide. Services such as emergency assistance providers or free legal help sound like a good idea but you really shouldn't let these extras affect your buying decision
Now all you have to do is to buy the policy that you want. Chose an insurer that has a good reputation, even if it costs a little more. (All of the insurance companies featured on our site have a good reputation !)..and of course they offer superb value for money.
Provided by ArticleGOLD: rticles Directory - Article DirectoryA
By: Trevor Dace
The first step is to consider your needs.
As a starting point let's consider
What sort of property do you live in and do you have many collectibles or just typical fittings and furnishings?
Are you living in a flat or bed sitter?
Are you the owner of the buildings?
Maybe the landlord is already paying the insurance for the actual bricks and mortar?
Do you tend to have more than your fair share of accidents?
Are there any children rushing around the house?
Remember that you need to choose (for both buildings and contents) if you need, and want to pay for, accidental damage cover or if you are happy to accept just the basic perils covered. Considering questions like these will help you decide.
Nowadays, most of the companies offering online home insurance calculate their building valuations based on the type of building and number of bedrooms together with your post code. You are then invited to increase this value if your property is particularly well preserved or if it has additions such as a conservatory or converted loft. You must remember that this estimate is for the cost of having the house rebuilt, it doesn't include the cost of the land that the property is built on.
When considering the contents there are two options. You could write down a list of everything you have and note beside it the replacement value (we're presuming that you have 'new for old' cover). If that sounds too much like hard work then you might consider a 'bedroom rated' policy i.e. the contents valuation is calculated from the number of bedrooms in the property. It would save all that work but you would be very likely to be paying out a higher premium for higher sums insured than you need to.
Next, consider all those special items and valuable pieces you have. When considering any valuable jewellery, antiques or works of art, we always suggest that you specify them as individual items on the policy. This will add to the policy cost but it is worth the additional cost. Before listing them, get a professional valuation for each piece (and if jewellery, gem checked) and get a photograph of each piece. Similarly with laptop computers, Ipod's,bicycles, expensive camcorders, PDA's and so on. In fact, anything of value that you take out and about with you.
Next, I recommend you take out cover for unspecified items outside of the home. This cover should also give you insurance to cover accidental damage for these items within the home. This is essential cover for everybody that ventures past their front door! It will also cover you for your basic baggage whilst on vacation thus saving you on your travel insurance. And the cover is better! (Travel insurance providers always pays indemnity - i.e. item value minus wear and tear. Your unspecified items cover, if you follow my advice, is 'new for old' - except clothes).
Fifth - liability cover. In this age of blame culture this is essential. It is always provided free with your other cover. Make sure you have it on both buildings and contents if you are an owner. If you do not own buildings, then the liability cover on contents is fine on its own. It's a bit like having 'third party' cover on your car (although not legally compulsory).
Lastly, there are the 'freebies' that many insurers now provide. Services such as emergency assistance providers or free legal help sound like a good idea but you really shouldn't let these extras affect your buying decision
Now all you have to do is to buy the policy that you want. Chose an insurer that has a good reputation, even if it costs a little more. (All of the insurance companies featured on our site have a good reputation !)..and of course they offer superb value for money.
Provided by ArticleGOLD: rticles Directory - Article DirectoryA
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