There are a lot of companies offering cheap building and contents insurance and sometimes
it can be difficult to know what you are getting for your money and how good your deal is. A price may look cheap but if it does not provide the cover you need it is a false economy.
Buildings insurance refers to the building itself and covers you in the event of any damage to the property. It is important to check what the policy covers. For example you may have to pay an extra excess charge to cover sewer or drain backup. For the sake of an extra 50 pounds you can ensure that any damage is limited and avoid having to pay the costs of a damaged house. If you are unsure, check the small print before you sign any agreement.
Another key factor is the price of your building and the value of its contents. When assessing the price of a property it is a good idea to talk to an independent assessor, especially if it is a commercial property. Ideally this process should take place before you buy a property as you can assess whether you can afford the cost of the property and the insurance.
It cannot be emphasized enough that there is no obligation to buy after you get a quote. The best deals are usually online as it is cheaper to process and therefore those savings get passed on to you. In some cases they can be up to 25 per cent off. Make sure you check there are no hidden costs or excess charges.
With contents insurance, pay close attention to the amount that you are looking to cover and be honest. A lot of insurers have a limit to the amount you can claim on a standard cover. This will vary between the insurers and this is another good reason to find a clear comparison. It may be better to get a more expensive non standard policy in order to cover more expensive items. This is why it is important to keep insurers updated on the cost of your items, such as if you make a new purchase or you inherit an expensive item.
Even when you have signed up for a policy, keep an eye out for deals that will crop up. While it may cost you to switch it is worth seeing what is available. You can then go back to your current insurer and ask if it is possible to get a discount. Remember if you do not ask then you may not know what is available, as insurers often have a list of discounts and a certain amount of leeway in order to secure sales, so it is worth negotiating the best deal!