Category Archives: Miscellaneous

How to save money on your insurance premiums

Insurance is one of those things that should be simple but end up taking hours of your time to get right. The concept is simple: you pay a monthly or yearly premium and in return, insurers offer you coverage on the terms agreed upon. When you need to make a claim, the insurance company will pay out under the agreed terms.

Problem is things get considerably more complex when you start factoring different levels of cover and excess and so on. Insurance can end up being unnecessary in some cases, and too expensive in other cases – so getting the right level of cover for what you need will result in the cheapest insurance premiums.

Contents insurance

When looking into buying contents insurance, you will be required to agree on an excess. The excess is the amount you will be expected to cover, with insurers paying the rest. The best way to save money on home insurance is to therefore agree on a high level of excess – as insurers won’t be required to pay unless significant damage or loss occurs. This means that if you damage something, you may have to sell stuff online for free to cover the damage yourself.

Duplicate cover

When you have a number of ongoing agreements with credit card companies, insurers and agencies, you could end up with duplicate cover – both insurers covering the same thing. Insurers will charge you for every type of cover you have – so making sure you have no conflicts will save you money.

Make fewer claims

Insurance should only be used in cases where you really need it, as regular small claims will all add up to increase the cost of your insurance premiums. Only use your insurance when you simply can’t afford to cover the costs yourself. Speaking from personal experience, I had to sell my iPhone because constantly replacing it after breakages and loss was costing me too much on my insurance.

Pay more

Bear with me, this does make sense. Your insurer will charge lower premiums if you are prepared to take on more of the cost if you do make a claim. Upping your excess can be a great everyday saver if you are pretty certain you won’t need to make a claim. Think about your previous history with phones and tech. If you tend to take good care of them, this is a great call.

Shop around

The insurance market is extremely competitive in all sectors, especially since there are now many insurers who operate only over the internet in a bid to keep costs down. That means that with a bit of work, you could be saving hundreds of pounds on your insurance policy. There are many comparison websites that allow you to compare the market easily. The important thing to remember is that you should always compare insurance policies on a like-for- like basis, or you could end up with less cover than you had planned for.

A guide to insuring your property

As a homeowner, having the right level of insurance to protect you from unforeseen circumstances is always important. There are many different types of insurance you can get for your property, which often causes much confusion for homeowners. If you’re looking into getting insurance for your property, this guide will help you understand the insurance policies available.

Buildings insurance

Buildings insurance is by far the most important form of insurance a homeowner can have, as it covers the most expensive part – the structure of the building. If you consider that replacing a damaged wall or roof could set you back tens of thousands of pounds, having insurance to cover the damage can prove to be invaluable.

Buildings insurance can end up costing you an arm and a leg if you get the wrong level of cover. You should have enough insurance to cover the entire repair of your home. Many homeowners make the mistake of covering their home for the market value of their home, when in fact a rebuild would cost significantly less. It’s important that you get the right rebuild cost, which could mean asking a professional to calculate the figure for you. Because the rebuild cost will vary with time, its recommended that you have this figure re checked every few years to ensure that you’re insured to the correct level.

Also, if you own a flat, be aware that you are usually not responsible for buildings insurance. The freeholder – more often than not your landlord – has that task to fulfil. Speak to them or their managing agent about seeing an up-to-date policy.

Contents insurance

As the name suggest, contents insurance will cover the contents of your home. The value of your contents and the types of items you wish to ensure will determine the price of your insurance premium.

Reading the small print is always important with any insurance-policy as you will find that some insurers’ impose certain limits on high valued items, which you may need to insure with specialist insurers.

The average four-person family will have close to £50,000 worth of items, so being insured for the right amount is very important if you want to be properly protected. Calculating your level of cover will require you taking a detailed inventory of all your household items from electronics to clothing.

Most basic contents insurance policies won’t cover accidental damage so be sure to take out additional cover if you need it.

Landlords Insurance

If you intend on renting out your property, having landlords insurance alongside buildings insurance is highly recommended. Landlords insurance will normally cover the damage made to furnishings and fittings as well as more complex cover such as rent protection should your property be damaged and your tenants have to move out.

Another important feature of Landlords insurance is that many policies offer liability insurance, meaning should anyone be injured as a result of a problem with your property, your legal fees and any pay outs will be covered.