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Home
insurance
The
amount you pay for home insurance is dependent on a number of factors.
These
factors and how they apply to your circumstances are used to assess
your risk to the insurance company. For instance if you live in
a high crime area then your more likely to be broken into, meaning
you are a higher risk to the insurer which means higher premiums.
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There
are two kinds of home insurance polices available.
- ·
· Buildings
insurance: This level of cover is compulsory if you own your own
home. It covers the structure of your home (including fixtures
& fittings) against damage caused by fire, floods, subsidence
and other natural disasters.
- ·
· Contents
insurance: This covers you for theft, loss or damage to the contents
and possessions in your home.
- Firstly,
as with most other types of insurance policy, you need to decide
on the level of cover you require. How much do you want to insure
your property for? This amount makes quite a large difference
to the size of your premiums, as this quantifies the insurer’s
risk.
The
amount of extra cover you decide on will also effect your premium.
Adding 'accidental damage' onto your policy could come in useful
if you damage something of value but bear in mind that an extra
premium will be payable. The other main level of extra cover offered
is known as 'all risks'. This is cover for any household items you
regularly take out of the house such as a camera, and again an extra
premium is payable.
The
insurance company will use the condition, location and security
of the home as the main considerations when calculating their quotes.
Which means you often can't reduce the risk to the insurer. For
example, homes in a high risk flood area or miles away from the
nearest police or fire station will be more expensive to insure.
However there are other ways in which you can bring down the cost
of your premium. Ensuring you have extensive security systems such
as approved locks and burglar alarms will often help reduce your
premiums, as will installing fire doors and fire alarms
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