Home Insurance

home insurance

If you own a property, home insurance is one of the most important considerations that you will need to take into account. Such a policy can protect you and your loved ones against loss of property (and sometimes injury) in any unforeseen circumstance. Still, the subject of house insurance can be a bit confusing for many. So, let us take a quick look at the main concepts that you will need to appreciate to encounter the best policy available.

Types of Insurance Plans

You should first be aware that there are numerous types of policies available. Of course, these will depend upon your unique needs. Most homeowners opt for a basic contents insurance plan. These are relatively cheap options and as the name hints, home contents insurance will financially protect you in case of theft or other unexpected damage (such as a fire or flood).

However, keep in mind that many plans will have a financial limit in regards to their coverage. Should your home or property contain many precious heirlooms or valuable items, it may be a good idea to take out a separate policy in addition to general home insurance. This can also be the case if you are looking to insure an office or a storage area. In these cases, it is a good idea to take a look at a building insurance policy. These tend to be more robust and will offer you higher coverage limits.

Examining Providers

Your second main hurdle is to find the most transparent and trustworthy home insurance provider. You will need to compare the services that each offers and the amenities that will be enjoyed. Although this was difficult in the past, there are many third-party online sites that will illustrate side-by-side comparisons of the major providers. This will provide you with the insight and clarity to make the correct choice.

Some of the main factors that you should carefully weigh is the quote itself, the period of coverage, the financial limitations and any areas that may be exempt from the policy (antiques or expensive cars, for instance). In the case of buildings insurance, you will likewise need to compare the average rates in relation to what a specific provider is offering. Recall that the term "cheap" is often a sign of an insufficient or flawed policy. It is best to make certain that your needs will be adequately addressed before committing to any plan. Finally, remember that certain building insurance or house insurance options may only be available in specific areas and the rates can differ substantially. So, always be sure that any quote you receive is based off of your individual circumstances as opposed to a rough estimate.

To review, some of the main points to consider when choosing a building or home contents insurance policy are:
  • The type of plan (basic versus comprehensive).
  • The coverage limits and any exclusions.
  • The status of the provider.
  • The insurance quote.
  • Any applicable regional surcharges.
  • The avoidance of extremely "cheap" policies.

Of course, these are but a handful of the main considerations that you will need to take into account. Thankfully, most companies will be happy to provide you with a concise contents insurance estimate. Some of the most reputable will even visit your premises to determine if there are any special considerations or if you may be able to attain a lower rate (if your property has robust security systems, for instance). Above all, never forget that thanks to the Internet, you have more choices than ever before when deciding upon a modern property insurance policy.

Top Home Insurance Deals 2014

Provider Max Contents Cover Max Buildings Cover Max Online Discount Max No Claims Discount Provider's Website
John Lewis Unlimited Unlimited 20% 25% More Info
Admiral £100,000 Unlimited 0% 0% More Info
Saga £100,000 £999,000 0% 10% More Info
Direct Line £50,000 Unlimited 20% 0% More Info
Aviva £150,000 £1,000,000 20% 40% More Info

*Rates verified at time of publishing, but may be subject to change.