More often than not the most valuable item that people own (or part own) is their house. That is why it is so important to make sure that you have a comprehensive home insurance policy that will give you financial cover should something unexpected or untoward happen. In the current economic climate insurance policies can seem like quite an expense, but there are always things that you can do to reduce your costs.
The major thing to bear in mind is that insurance is based on risk.
The insurance company works out the likelihood of them having to pay out, and this is calculated on the risk to which your house is exposed. Anything that you can think of that may reduce this risk might save on your insurance premium and if you’re not sure ask your provider. Something as simple as having a dog, or having someone working from home can save you money. One of the major threats to your property is through theft.
Therefore if you make your house more secure then you will save money on your insurance premiums. Insurance companies generally have a standard security level that they expect locks to meet, and a list of tradesmen whom they consider qualified to do any work. Something as simple as changing your locks can save you money. One of the first things that you can do is to make sure that your house is protected as far as possible from the damage caused by weather.
Make sure that your drainage is as good as possible (though, to be fair, in the face of several million litres of water even the best drainage system will struggle) and if you can make sure that your downstairs floors are made out of a hard surface that won’t damage in the way that a carpet would. Connected to this you can install an intruder alarm. Whilst changes to the fabric of your property and things that you cannot take with you should you move house, these sorts of installations pay for themselves over the course of several years. An approved alarm system can reduce you premium by between 5 and 15%. Similarly you can make sure that you have a good smoke alarm fitted.
Fire is a real danger and a single fire can lead to mammoth insurance claims. For that reason proper detectors will save you money, however, make sure they are in place and operating correctly, otherwise should you suffer damage due to fire the insurance company may be unwilling to pay out. When it comes to home insurance there is something of a postcode lottery, if you live in certain parts of the country you will have to pay more and there isn’t a lot you can do about it.
The most expensive places to live are those that are at risk of extreme weather such as flooding or very high winds. If you live in such a region there are things that you can do to save you money, though you will never be able to get your policy down to the sort of level that you might find in other parts of the country. If you are in a flood area, for example, you should replace downstairs timber and carpeted floods with concrete and tiles as this will prevent water from coming under the floorboards, or from damaging the wood. Similarlay you can replace kitchen units with plastic equivalents and electrical points can be moved to well above the likely flood level.
If you experience high winds, something as simple as making sure that your roof is well maintained and your gutters are clear can save you a lot of money. Any changes that you do make, however, should be done following consultation with your insurance company.
There is no point making sweeping changes to your property if you then later find that you haven’t actually saved any money on your home insurance. If you are considering getting a new home insurance policy, try Co-Operative Insurance for good value policies.
