iQep: Home & Car Insurance

Homes have increasingly become a place where items of great value are kept. Apart from the significant costs of properties themselves, the consumer habit of wanting the most recent technological advances – whether it be the latest flat screen television or a top of the range laptop – means that the contents of houses have never been worth more. And it is for this reason that home insurance is vitally important to protect you from the financial losses that ensue if items are stolen or damaged.

With both buildings and contents insurance available from a range of sources, such cover is an invaluable asset. Policies provide a means to financially recompense you if an item within the home is accidentally damaged. Food and drink stains on carpets can be claimed for, with replacement costs included if cleaning does not work. Likewise, a broken electrical gadget can be sent for repair or replaced with homeowners not having to foot the expense themselves. Meanwhile insurance policies also provide vital financial protection if a house is broken into and items are stolen. With such a devastating occurrence, having to financially cope with a break-in in addition to the emotional consequences can be too much for many to bear.

Home insurance also provides homeowners with a valuable asset to help keep their home in top condition, enabling them to repair building damage if it should occur. Whether a fire, flood or broken window, policies allow for problems to be fixed easily and negate some of the emotional turmoil that can be associated with devastating events. With many cheap house insurance products on the market there is no need for any household to be without cover, and with the rising values of property and contents, holding such a policy is vital.

You may be in a position where you would prefer to stay loyal to your current insurance company, and there are many who stick with their insurers for years at a time.  It may be because you feel the company has provided an excellent service at all times, but it is important to remember you may still be entitled to a better deal from them.

When your renewal comes around your insurer will send you a quote.  At this point it is a good idea to compare other home insurance quotes even if you do not want to swap, especially if your renewal cost is higher than you paid the previous year.  A few house insurance quotes will give you a wider idea of the prices being charged by other companies. Always bear in mind that there is likely to be a company who will guarantee you a cheaper quote for your house insurance.

After having obtained a few quotes, contact your current insurer.  Explain to them that you have had several cheaper quotes and give them the details, and ask them if they can do anything for you.  Do not be afraid to do this.  Insurance companies want to keep your business and most have a price match promise if you find the same level of insurance elsewhere for a cheaper cost. In the event that they don’t, most will still consider giving you a cheaper quote.  This way you can remain with your preferred insurer and keep the cost of buildings and contents insurance to a minimum.

When searching for a comprehensive buildings and contents insurance plan, it’s important to compare home insurance prices but also to be aware of what extensions and limitations exist with your chosen policy.  Many insurance providers offer extensions to structures around the home or items taken outside the home.

A buildings insurance plan, for example, can sometimes extend coverage to any sheds, garages, fences, swimming pools, or other structures you own.  In the event of a disaster, such as a falling tree branch, these nearby structures would be protected by your household insurance.  Bear in mind that storm damage to gates or fences, damage caused by frost, and damage sustained from sonic bangs from aircraft are always excluded. 

Likewise, home contents insurance can be extended to protect items that travel outside of the home with you.  At additional cost, most providers will provide “all risks extension” coverage to those items you take out of the home regularly, such as jewellery, camera equipment, sporting goods, or laptop computers.  It’s also possible to get coverage for lost or stolen house keys, and even for lock replacement.

In special situations, your insurance company might automatically increase protection.  For example, some policies move up a level around Christmas time to account for the gifts in the home; others might increase to cover the gifts a newly-wed couple received.  Many home contents insurance programs can also be extended to cover college students’ items.

Always understand your home insurance’s exclusions in full before deciding on a provider.

Choosing the right insurance company should not be a long, drawn out, traumatising experience. It takes research on your part, of course, but the insurer should be one that will fit your needs and be available if you should have questions about your policy.

A home insurance company may not be the best option for a commercial property owner; a commercial buildings insurance company may not be the best choice for a homeowner. Ask your friends, co-workers and family members for recommendations on insurers as well as any issues they may have had in the past. Word of mouth is still the best and most honest form of advertising, so it is a good place to start.

Before you start looking for a specific company, ask yourself what you need. If you are insuring your home, then standard household insurance will work just fine. However, if you own several properties and want to insure the group under a portfolio plan, a local neighbourhood insurer may not be the best choice for you.

Research as many companies as you like, then choose three to interview. Before you contact the insurer for a quote, learn a little bit about the company. Is it operated locally or is it a national conglomerate? Are there special rates or discounts that may apply to your specific situation? Once you learn as much as you can, ask for at least one quote from each insurer. Only then should you decide who will get your home insurance business.

House insurance is specifically designed to cover your house and its contents against a number of possible eventualities. House insurance normally consists of buildings insurance and contents insurance.

Buildings insurance covers property should it be destroyed by fire, flooding or subsidence and the amount paid out will depend on how much the house would cost to rebuild. If you have added extensions since taking out your policy you need to tell the insurer. This type of policy does not cover the contents of the house, which are dealt with by contents insurance cover.

The cost of buildings insurance varies greatly, so it pays to shop around. Often, you can make a saving by purchasing your buildings insurance and contents insurance together from the same source. Also, remember that as with car insurance, there is normally an excess, which is the value of the claim you agree to pay yourself; the higher the agreed excess the lower the premiums and vice versa.

Contents insurance provides cover for damage to, or loss of, your house contents, such as appliances, furniture, jewellery and other movable possessions. It can also cover possessions such as bicycles and cameras when they are being used by you away from the house.

Fire and theft are the basic items covered and you get the cover you pay for; for example, cover for accidental damage would add to the premium. When taking items on holiday with you, these may be included in the policy already or you might have to take out a separate travel insurance policy to cover them.