How To Reduce Home Insurance Premiums
|
Here are some useful tips on how to reduce Home Insurance premiums.
Home insurance, also known as Household Insurance is a policy designed to cover your home and if applicable its contents against the possible risks.
With most aspects of household insurance, the premium is based upon factors over which you have no control. The location of the property, its age, the value of its contents are all fixed and there is little that you can do about it.
There are three factors, however, that can make a large difference to the insurance premium and that you can affect directly. The three factors are: the amount of the voluntary excess, the security features of your home and your claims history. Listed below is a breakdown of the three factors:
Voluntary Excess
If you make a claim the insurer will expect you to pay the first part of the claimed amount, this is known as the Excess. Because the insurer insists that this is paid for each and every claim it is known as the compulsory Excess.
Most insurers are happy to provide a discount on the insurance premium if you are prepared to pay a larger part of any claim in other words, accept a larger Excess. Because this decision is up to you it is known as the voluntary Excess. The amount of any discount will vary between insurers but is generally in the region of 5% to 15% depending upon how much you are prepared to accept.
Security
All insurers want to reduce the number of theft claims and one of the most effective ways of achieving this is for you to ensure that your home is properly secure. Because security is so effective at reducing theft most insurers are prepared to reward you with a reduction in premium.
The insurer will define the type of security that they require in order to qualify for a discount but for most companies there are three particular security measures which count; good quality locks on windows and doors, a professionally fitted and maintained burglar alarm and membership of an approved Neighbourhood watch scheme.
Unfortunately, some householders are already in a high risk area, for example many city centres, and the insurers may insist that certain securities are in place before offering cover. In these cases, of course, no security discount will be applicable.
Claims discount
Just as with Motor Insurance it is now common practice for insurers to reward those who have not made a claim in preceding years. The level of discount varies from one insurer to another however 5% to 20% is now common and the amount is increasing.
To ensure you are getting the best possible Home Insurance deal, shop around, evaluate and compare all the appropriate policies that provide the cover you require. Think about policies in terms of price, coverage, excess, flexibility and the reputation of the insurer.
You may freely reprint this article provided the author's biography remains intact:
About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
|
|
|
Life Insurance Providing Little Protection From Terrorism
Recent statements by the City of London Police Commissioner James Hart that future terrorist attacks in London's financial centre are, "a matter of when, rather than if", will increase already serious concerns over issues of personal and business financial protection.Mr Hart's statement pointed out that, "if you want to hurt the government, hurt people at the same time, and you want to cause maximum disruption...where better to hit than at the financial centre?"Mr Hart also echoed a report by the insurer Axa which warned that just under 50% of small firms do not have a plan in place to ensure that their business could survive should they be hit by an emergency or disaster. Axa highlighted that many businesses, especially in the South East danger zone, are not even covered against genera...(related: Insurance)
Cheap Car Insurance
Finding good car insurance can be very difficult. Here are a few tips:
- Try a few different insurance companies. Companies are different. So are their prices. You may find that one company wants to charge you $1000/month for insurance and another will only charge you $400/month. You might be one of the lucky ones who only gets charged $30/month. Regardless of who you are, call multiple carriers even if the first quote you get appears to be low. You may find another company with a lower rate for you.
- Talk to friends and family. Other people are just like you, they want cheap insurance too. Chances are, you know s...(related: Insurance)
Accident Insurance Claim Personal Injury Insights
There's nothing that has a greater impact on evaluating a personal injury insurance claim than the damage done to your body, the medical bills that are a...(related: Insurance)
Buildings Insurance And The Threat Of Flood
What is the impact of increased flooding risk in the UK? What happens if your home becomes effected by flood?Flood is an increased problem in the UK. Buildings insurance companies are concerned ...(related: Insurance)
Independent Insurance Agents Unite! Insurance And Financial Discussion Forums Are All The Rage
The online discussion forum has emerged as the medium of choice for many Americans. Most recently, forum platforms like vBulletin, Infopop, and Snitz have enabled the novice webmaster to host and moderate their own forum. One of the areas that needs this type of medium the most is the Insurance and Financial Industry.To give you a little background, the online discussion forum is an updated version of the old bulletin board of the nineties. Members can join, post, and browse topics at will. Free speech and a candid mood makes it all the more enjoyable. Some discussion forums even allow members to chat amongst themselves (is it a chick or a pea?) in private areas or send "PMs" (private messages) to each other if they do not want to share it among the other members of the forum. The thing ...(related: Insurance)
Insurance Claim: Collecting Your Lost Wages
A couple months ago you were toolin' on down the avenue, minding your own business, when out of nowhere, this fumbling, stumbling man by the name of Freddie Fuddle flew through a Stop Sign and plowed into you with a gigantic, rip-roaring, screeching broadside. You were wearing your seat belt but it was still a thundering crash that wrenched and whipped you around the inside of your motor vehicle something fierce!Now, after a long recovery period, Fuddle's carrier, Granite Mountain Ins...(related: Insurance)
Medical Insurance Overseas
Thousands of people have work related commitments and in order to fulfill those commitments they have to travel abroad. Have you ever realized that most of the insurance company's provide only domestic medical coverage? So, whenever you are leaving your home country, do check up with your current Insurance Company whether they have Medical Insurance Overseas.The purpose of taking medical insurance is that you should be covered under all circumstances and to get the medical cover where it is required. So, "Do not postpone for tomorrow; there maybe law against it" and try to get the Medical Insurance Overseas benefits as soon as possible.Things like medicines, fees charged by the doctors, evacuation if required and all other hospitalization fees are incl...(related: Insurance)
What Type Of Doctor Should I See Under My Hsa?
You can withdraw money from your Health Savings Account (HSA) to visit an MD, DO or a chiropractor.Since you will be writing a check or using your debit card to pay for these visits at the time of service, you will really notice how much it costs. Since you have a high-deductible...(related: Insurance)
Why Boat Insurance Is A Necessity
Boat insurance is necessary for all boat owners who live on or really value their boats. If it is something that you feel you must replace then you need to insure it. If you live on your boat it is absolutely necessary that it be insured. Who would want to lose their home?Also most boats are financed in the beginning. The lending company will insist on insurance in those cases just as they would with a house or a car. This is not unreasonable; they have as much to lose in the financial sense as you do if anything happens to the boat.Some areas are more dangerous than others for boaters. While some of those areas are famous or infamous 'the Bermuda T...(related: Insurance)
site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance