Home Insurance

5 Things to Consider When Choosing a Home Insurance Provider

Home insurance

There are plenty of home insurance providers out there all vying for your custom.

This is good news because it means that, as long as you’re savvy, you should be able to find impressive deals on your property cover. To help ensure you select the perfect policy it pays off to follow these five basic principles.

1) Be sure to shop around

If you only remember one thing when you’re looking for a home insurer, remember this: it pays off to shop around. OK, so scouring the market for the most competitive deals might not exactly be enjoyable, but it will save you money. Also, bear in mind that you don’t have to do all the hard work yourself. Specialist brokers like Chill will compare the options for you, meaning you can access the most competitive deals within minutes.

2) Don’t be fooled by upselling mortgage brokers


On a related point, don’t be fooled into thinking you have to get your home insurance from your bank when you buy a property. Many of these companies encourage people to take out policies that are tied in with their mortgages. However, be aware that you’re under no obligation to go for these products. In fact, you have complete freedom to choose whichever policy you like. The only stipulation is that your building must be insured to the amount specified by your lender when the firm valued your property.

3) Find a policy that’s perfectly tailored to your needs

No two home cover policies are the same and so you should never make assumptions when you’re choosing property insurance. Always be sure to read – and re-read – the small print. You should find an insurer capable of offering you cover that meets each and every one of your requirements. For example, do you want protection for digital information, garden plants, court costs or loss or theft of keys? Such things do not usually appear on standard policies. Instead, you have to make extra provisions.

4) Don’t be blinded by the bottom line

Lots of people fall into the trap of focussing solely on the premiums that insurers charge. If you’re blinded by the bottom line in this way, you risk neglecting the important issue of customer service. As well as bagging yourself a cheap deal, you’ll no doubt want to benefit from a good standard of customer care. Always look for firms that process claims quickly and that treat their policyholders well. If you’re not sure about particular companies, seek out customer reviews online.

5) Be prepared to move

Once you’ve gone to the trouble of finding the right insurer, you might be tempted to renew your policy year after year without ever really reviewing it. This can prove to be a costly mistake. After all, you may well be able to get a better deal further down the line by switching to a different provider. It’s always worth checking just in case.

Main image by CipherN @ Flickr.

About author

Master of the budgets. Provider of the tips. Author and owner of DumbFunded.co.uk.
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