Home Insurance

Home insurance: The trick to protecting the little ones and saving money

Home Insurance

Since your little gem was born the value of your household has probably grown dramatically – but so too has your average household expenditure!

When money is tight it can be tempting to overlook purchases that aren’t deemed mandatory with home insurance one policy that you may be contemplating cutting from your essentials list. Doing so could actually expose you to more risks though and the smart move is to protect your home, and your little ones, while saving money.

Why is home insurance important?

Home insurance is a great way to protect your home and everything in it. By taking the time to ensure your home, you ensure that no unexpected repair bills, damage or theft leave you and the kids out of pocket and struggling to make ends meet. It also ensures TVs, gadgets and other possessions are replaced quickly and easily in the event that they are damaged beyond repair or stolen.

Isn’t home insurance expensive?

Money doesn’t grow on trees (if only it did!) and that means families are understandably cautious about where they spend their hard earned cash and, more importantly, what they spend it on. While not a legal requirement, home insurance is very important and available at affordable rates.

More Than home insurance policies offer options for homeowners and there are plenty of insurers out there who will vary the type of cover or policy to offer a range of affordable quotes.

Are there ways to save more money on home insurance?

As with all financial products, there are ways in which you can save even more money on your home insurance.

The main option is to switch providers to achieve a better deal rather than selecting an automatic renewable option. You’ll need to be organised to make sure you don’t get left without cover by failing to spot your renewal date but if you’re able to take care of this then you could save as much as £140 a year as automatic renewals were reported as 20% higher than new quotes according to This is Money in 2012.

Other options you can try to save money on your insurance include:

Choosing the right policy for your needs

If you are a homeowner with a mortgage then your mortgage agreement probably stipulated that you need buildings insurance but this won’t cover your personal possessions so you’ll want to look at contents insurance too. For tenants in a rented property, the building should be insured by the landlord so you just need to look at protecting your possessions.

Evaluating your home’s value accurately

Home insurance policies are based on how much your home would cost to rebuild/repair and not how much you paid for it so it’s important you take this into consideration when choosing properties. Similarly, you need to ensure any contents insurance covers the true value of all your possessions – this includes electronics and gadgets as well as furnishings and ornaments and anything of sentimental value.

Selecting an appropriate payment schedule

While paying annually can be cheaper with some policies, it may not be convenient for you and your financial situation. If monthly payments are easier to manage and an annual payment would make money tight and increase your risk of falling into debt then it’s worth taking the small hit and selecting an appropriate payment schedule for you.

 

Until Next Time… Charlotte x

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