Picking Policies to Protect

Whether you live in a one bedroom studio apartment or a 40 bedroom country mansion it is important to ensure that your home and possessions are adequately protected in the event of theft, fire, flooding or even an earthquake. Insurance companies offer numerous policies such as contents and buildings insurance and personal possession cover - policies that should leave you with peace of mind that your home and possessions are well protected.

There are various different policies available (and in fact companies) that cover different aspects of your home and personal cover, so it is important to understand the difference between each policy, this will make it easier to ensure everything is sufficiently covered. Searching online is always a safe bet – companies like Kwik Fit Insurance offer details of the different types of policies to pick and choose from. Survey their website to see what’s on offer in terms of their home insurance, and to see what’s suitable to your needs. If you need some initial, basic knowledge, it’s good to know some of the differences:

Buildings insurance will cover the physical structure of your home and will include such items as hedges, sheds and fitted units within the building such as kitchen cabinets and bathroom suites. Buildings insurance is required by law as damage to the structure of the house will impact upon additional parties such as your bank or land lord.

Contents Insurance, however, will cover items found within your home such as books, electrical equipment and clothing. For particularly valuable items such as jewellery or art work it may be required to take out additional cover and for items lost, damaged or stolen outside of the home you will need personal possession insurance.

Insurance can be quite expensive but the majority of insurance companies offer flexible payment plans and there are ways in which you can reduce the cost of your cover;

1. Raise your excess– The excess is the amount of money you have to contribute to each claim before your insurance will pay out. Home Insurance excess’ typically start at £50 - £100 and if you increase this you can save a significant percentage on your premium.
2. Shop Around – When buying anything, whether it is a house, a holiday or a new pair of shoes, it is important to see what different items are available to you. Purchasing home insurance is no different; it is wise to obtain quotes from a number of different insurance providers, this will ensure that you get the best price for what you require.
3. Consider insurance when buying a home – When buying a new home it is worth thinking about the cost of insurance. Newer builds with sophisticated burglar and fire alarm systems will typically be less expensive to insure than older houses. The location of your house will also affect the cost of your policy with houses on the coast attracting a higher premium.
4. Maintain a good credit history – Many insurance companies will now check a customer’s credit history and may adjust the policy price depending on the ‘risk’ that the customer poses.
5. Look for group coverage – Larger businesses and employers often negotiate deals with insurance companies which often results in discounted rates for employees.