How Does The Credit Crunch Affect Your Home Insurance Quotes?
There is no getting away from the fact that the cost of insuring a home in the UK is more expensive than it was a year or two ago.
The credit crunch and the fact that insurance companies paid out a lot of money on homes that suffered weather damage last year, has inevitably impacted on what we now pay for our building and contents insurance. As a result many people are now looking at ways to cut the cost of their insurance premiums.
If you want to pay less for your monthly premiums then you should take a look on the internet to see what is on offer in terms of home insurance quotes. A significant factor when it comes to the cost of home contents insurance is how secure your premises are. If you live in an area where there is a high incidence of break-ins and burglaries then you are likely to have to pay more for your insurance.
However, if you take steps to make sure that your property is as secure as you can make it then your insurance company will take this into consideration when it comes to assess the cost of your premiums.
Where you live is a significant factor in how much you pay to insure your home. In areas where there is a high number of claims on home insurance, especially if it is due to burglaries, you may be assessed as living in a high risk area and this will add to your insurance costs.
Insurance companies have to take precautions if they believe that customers living in a particular area will make regular claims on their insurance because they have been burgled. Even if you have never been burgled you may still pay higher premiums because of the number of claims made by other people who live in your area.
If you are purchasing home insurance for the first time, particularly as a home buyer, then you will no doubt have been told by your mortgage lender that you have to have building insurance, when previously you may only have had contents insurance. When people are tenants it is the landlord's responsibility to pay for building insurance, once you get a mortgage and have your own home, then building insurance is your responsibility and often a prerequisite by mortgage lenders.
Insurers will assess the total rebuild value of your home, because that is what you have to be insured for. Once you have building insurance you will also be covered for things like a leaky roof and broken windows. Many insurers insist on a certain level of excess with building insurance, that is to say an amount that is outside of the claim. If, for example you are told it is 100 pound excess when you are looking for home insurance quotes, it means that you as the home owner are liable to pay the first hundred pounds of any claim that you might make in the future.
by: Tom Jones How To Secure The Lowest Cost On Motor Home Insurance Get A Lower Cost On Your Motor Home Insurance How To Get Motorhome Insurance For Less What Is Park Home Insurance Might You Be Paying Too Much For Your Home Insurance? In Need Of Quality Homeowners Insurance Leads? Good Maintenance To House Insurance The Most Common Home Insurance Claims Motorhome Insurance Explained Increased Home/business Security Equals Lower Insurance Costs Keep Your Eyes Open With Cheap House Insurance Is Cheap House Insurance A Possibility? How To Secure Cheap House Insurance