Purchasing home insurance is one of the most important tasks for any prospective homeowner. Making sure you get the best deal on your cover can help to ensure that your property is fully protected in the event of any future issues or complications. Our comprehensive guide includes all the essentials steps to help you get the best deal at the cheapest price.
Step 1: Gather Home Insurance quotes
When you start looking for home insurance, the comparison sites are usually a good place to start. As you are probably already aware, these platforms collate several quotes from a range of different service providers, based on your personal details. By inputting your requirements into several different comparison sites, you can effectively gather a wide variety of different estimates in a very short space of time. However, it should also be noted that, these platforms will often jump to conclusions to speed up the process. This, coupled with the fact that not all insurance companies are listed on comparison sites, means it is always a good idea to approach these firms directly. Just to make sure you are not missing out on any exclusive deals or offers, be sure to contact them in addition to using comparison tools.
Alternatively, if you have any specific requirements or are simply struggling to find home insurance that meets your needs, it might be a good idea to consult the independent advice of an insurance broker. This can be especially beneficial if you are new to the homebuying process and want to guarantee that you are fully covered for all eventualities. They will also act on your behalf, in the event of a claim.
Step 2: Haggle with the insurance company
Once you have managed to obtain the best deal, it is vital that you do not accept the first offer you find on the spot. Take some time to shop around and see if you can get a better deal elsewhere. Having cheap insurance deals to reference will potentially improve your chances of negotiating a better price with your current provider. Do not be afraid to challenge or question the offer made by the insurance company. Generally, customers that ask the company to justify their price often end up pushing for a better deal in the end. Not to mention, making sure that the policy met their specific requirements.
It is also important not settle once you have secured suitable cover. Do not sign-up for an auto-renew policy and instead record the date that your agreement ends. This way you can avoid any drastic changes to your rates by switching to a different provider entirely, if necessary.
Step 3: Take the necessary precautions
The final steps involve a few general precautions that you can take to reduce your annual charges. For instance, by generally improving your home security the insurance company will be far more likely to offer you a cheaper deal. Some of the basic steps you can take includes:
- Installing burglar alarms
- Installing smoke alarms
- Installing locks on windows
- Installing deadlocks on doors
- Joining your neighbourhood watch scheme
Your insurance company will consider all these measures and take them into account when calculating your cover. So, it is worth upgrading or investing in these features to save you money in the long run.
Lastly, it is recommended that you pay for your cover on an annual rather than monthly basis. Despite the common misconception that it is always better to stagger your payments and spread the cost, in fact, you will end up paying costs on top of your monthly bills. According to HomeOwners Alliance, this interest charge can sometimes be as high as 46%.
However, you should only consider this option if you have the correct budget. Do not end up paying up-front for a plan that you cannot afford.
If you are about to get home insurance, then you will also need to know the current market value of your property. For an unbiased and impartial assessment, contact our helpful and friendly sales team for expert advice on the process.