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First, think about your requirements. Let's start with some basic questions Are there any children rushing around the house? Are you accident prone? Do you share the building with other tenants? Maybe the landlord is already paying the insurance for the actual bricks and mortar? What sort of property do you live in and do you have a lot of collectibles or just simple, basic furniture? Do you own the freehold? Remember that you have to choose (for both buildings and contents) if you need, and can pay for, accidental damage cover or if you are happy to accept just the basic perils covered. . These days, 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 allowed to increase this valuation if your house is particularly well preserved or if it has many added features. It should be remembered that this valuation is for the cost of rebuilding the house, it doesn't include the cost of the land that the house is built on. When considering the contents you have two choices. You could write down a list of all of your possessions and note beside it the replacement value (you want 'new for old' cover don't you?). 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, you must think about all those special and valuable items you have. When considering any valuable jewellery, antiques or works of art, I strongly recommend 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 doing so, get a professional valuation for each piece (and if jewellery, gem checked) and get each piece photographed. Similarly with PDA's, Ipod's,bicycles, expensive camcorders and so on. Indeed, anything of value that you are likely to take outside the house. Fourth, I propose that you include cover for unspecified items outside of the home. This cover should also offer insurance to cover accidental damage for these items within the home. The only people that do not require this cover are those that never go outside their front door! It also covers you for your basic baggage whilst on holiday thus providing savings on your travel insurance. And what's more,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 perfect on its own. It's a bit like having 'third party' cover on your car (although not legally compulsory). Lastly, there are the extras that many insurers now provide. Services such as free legal help lines and emergency assistance providers. My own experience of this type of service is none too favourable. I usually end up getting out the 'Yellow Pages'. Now all that's required is to buy the cover you want. Chose an insurance company that has a good reputation, even if the policy is slightly more expensive. (All of the insurance companies featured on our site have a good reputation !)..and of course they offer great value for money.
Article Source: http://www.financemanual.com
This article was written by Trevor Dace. He has many years of experience working as a claims adjuster with a number of UK insurance companies. His website www.instant-online-insurance.co.uk offers online home insurance with online quotes and secure online payment.
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