subject: How To Buy Cheap Building Insurance [print this page] If you need to buy insurance for your home, do you want to save money? It's highly likely that you do. So it's crucial to take the right steps, to avoid spending more than you need to. Here are some tips to help you buy cheap cover for your home.
1. Don't insure your home at its market value.
This might seem logical, since that's the value when you build or buy the house, right? Well, consider that if you rebuild your home, the value of the land it sits on won't be included in the costs. Typically you'll need to demolish the home and then rebuild it. Basically, the demolition of your home would be significantly cheaper than the cost of the land. By insuring your home at its market value, you're getting cover that you likely won't need-and thus are wasting money that you could spend elsewhere.
2. Avoid automatically securing building insurance from your mortgage lender.
Your mortgage lender will likely try to bundle building insurance along with your mortgage. Yes, it's possible that you could secure a solid deal. However, it's more likely that you could get a better deal elsewhere. Would it hurt to get a home owner's quote from your mortgage lender? No, but you should make sure to get others as well.
3. Watch out for tie-ins.
Tie-ins are fees that mortgage lenders charge if you don't take out both a mortgage and home owners insurance from them. Even if you seem to be getting a fantastic deal on your mortgage, the tie-in fee could significantly offset a lower mortgage rate.
4. Get personal referrals.
These are the best ones you can get. Ask friends, relatives, and co-workers where they got insurance for their homes. While there's always a chance that you won't be pleased with companies they were happy with, it's highly unlikely that they'd intentionally lead you astray. Personal referrals will give you a more accurate picture about the products and customer service of various insurers than their pricey commercials do.
5. Get the precise amount of contents insurance that you need.
In the UK, contents insurance is typically separate from building insurance. So if you take out a contents policy, it's crucial that you itemise the items in your home, rather than guesstimating their worth. In particular, you should get an independent evaluator to appraise the value of any high-value items in your home, such as antiques.
6. Shop around.
There are tons of insurance companies that provide policies for homes. So get at least three quotes before choosing one of them. If you can more quotes, then by all means do it! As with shopping for anything else, shopping for a home owner's policy is basically a numbers game. The more quotes you get, the more likely you'll find a rock-bottom figure.
While houses aren't cheap, the good news is that you can insure them at reasonable costs. These tips will help you to find the building insurance you need, at a price that you can feel at home with.
by: Tom Jones
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