Not so long ago, when you received your home insurance renewal notice through the door you would just accept the new price and either post the confirmation back of give them a call. The companies you used were also very limited and there tended to just be a small group that everyone used; the Pearl and the Prudential were household names and the majority of UK households used them for their home insurance.
Thanks to the inception of the Internet and search engines, the choice of companies that now offer all kinds of insurance is mind boggling, but at the same time, by spending some time online checking out the various companies and the policies they offer you can save quite a bit of money on your home insurance, which is always welcome, especially when you consider the financial doldrums the UK is currently languishing in.
As well as names that are instantly recognisable in the field, you will also notice names that you wouldn’t ordinarily associate with these products. You will see such results as Debenhams Home Insurance who, while relative newcomers to the market, offer the same range of products as the older, longer established companies. There are many high street names diversifying due to the economy, and insurance is an area many have now entered.
Whilst home insurance doesn’t, or shouldn’t, differ that much between companies, some cover aspects such as accidental damage as standard ,whilst other only offer it as an extra. Comparing the price between them could show you that the difference is negligible, or could be very significant. This is where research is all important, as you don’t want to be caught out by small print or technical jargon.
Those who have never had home insurance before may find it all a bit confusing, especially when it comes to types. Bear in mind that you only need buildings cover if you own your home, but both homeowners and renters should have contents cover. If you are a homeowner and your actual property is damaged you will have to pay for the damage, whereas when you rent it is covered by your landlord’s insurance.
When it comes to calculating the cover you want with your contents policy, it’s can be difficult to sit and add up exactly how much it would cost to replace everything should you suffer a severe flood or fire, so err on the side of caution and overestimate rather than underestimate. This may cost you a few extra pounds, but being able to relax in the knowledge that you have everything covered is priceless.
Also bear in mind that if you find a policy that appears too good to be true it more than likely is. Once again, in this instance small print comes into play, and you may find that while at face value the policies seem comparable with the more expensive ones, there is a good chance that thanks to clever wording, you will end up with much less cover and eventualities than you initially thought, so proceed with great caution.