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An introduction to Auto Insurances
Auto insurance is mandatory in most states. The law mandates to have auto insurance on any vehicle you drive. And nowadays getting auto insurance is not a big deal at all. There are numerous insurance companies available today offering auto...
Guide to Home Insurance
Here is a useful guide to Home Insurance. Home insurance covers damage from incidents such as fire, theft, and vandalism to your house, usually adjacent structures like a garage or shed, and your personal belongings. It covers living expenses if...
Health Insurance - It's Important To Know What's Not Insured!
Around 7 million people in the UK are covered by health
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The problem is that few have really studied their policy
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Insurance: The Common Insurance Points
Most people will be familiar with insurance in some form or
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Memo To Myself - I Need Keyman Insurance
Last month I had to drive down to London. I don't like driving
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the heater kept me warm. Then I hit that queue - six miles...
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How to Reduce Home Insurance Premiums
Here are some useful tips on how to reduce Home Insurance premiums.
Home insurance, also known as Household Insurance is a policy designed to cover your home and if applicable its contents against the possible risks.
With most aspects of household insurance, the premium is based upon factors over which you have no control. The location of the property, its age, the value of its contents are all fixed and there is little that you can do about it.
There are three factors, however, that can make a large difference to the insurance premium and that you can affect directly. The three factors are: the amount of the voluntary excess, the security features of your home and your claims history. Listed below is a breakdown of the three factors:
Voluntary Excess
If you make a claim the insurer will expect you to pay the first part of the claimed amount, this is known as the Excess. Because the insurer insists that this is paid for each and every claim it is known as the compulsory Excess.
Most insurers are happy to provide a discount on the insurance premium if you are prepared to pay a larger part of any claim in other words, accept a larger Excess. Because this decision is up to you it is known as the voluntary Excess. The amount of any discount will vary between insurers but is generally in the region of 5% to 15% depending upon how much you are prepared to accept.
Security
All insurers want to reduce the number of theft claims and one of the most effective ways of achieving this is for you to ensure that your home is properly
secure. Because security is so effective at reducing theft most insurers are prepared to reward you with a reduction in premium.
The insurer will define the type of security that they require in order to qualify for a discount but for most companies there are three particular security measures which count; good quality locks on windows and doors, a professionally fitted and maintained burglar alarm and membership of an approved Neighbourhood watch scheme.
Unfortunately, some householders are already in a high risk area, for example many city centres, and the insurers may insist that certain securities are in place before offering cover. In these cases, of course, no security discount will be applicable.
Claims discount
Just as with Motor Insurance it is now common practice for insurers to reward those who have not made a claim in preceding years. The level of discount varies from one insurer to another however 5% to 20% is now common and the amount is increasing.
To ensure you are getting the best possible Home Insurance deal, shop around, evaluate and compare all the appropriate policies that provide the cover you require. Think about policies in terms of price, coverage, excess, flexibility and the reputation of the insurer.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
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