INSURANCE SAVINGS

Buildings Insurance | Contents Insurance | Over 50′s Life Insurance | Term Insurance

Let’s face it, there is nothing exciting about Insurance (unless, of course, you happen to work in the insurance industry)!

However, like it, hate it or feel indifferent about it, we all need one form of insurance or another and if you are a car owner then that is one form that is mandatory. So it looks like it is here to stay, the positive side is that we all sigh with relief when something does go wrong and we need it.

But what about the price you pay for your insurance? The chances are if you are using your bank or building society to insure you then you are paying over the odds - this is not always but very often the case.

If you went to a price comparison site and took the cheapest quote it is worth making sure you really read the small print when your policy arrives as more often than not by paying the lowest possible price something would have been taken out, or there will be a huge excess premium to pay. Everyone must do what suits their own needs and to that end insurance brokers can be really helpful and offer good advice.

Home Insurance

There are two types of home insurance: buildings and contents. You can either search for two seperate deals or buy them as a joint policy.

So lets break down both to see what the difference is and find out how you can get the best deals.

Buildings Insurance

This covers the actual structure of your home. It includes the main building and can be extended to cover sheds, the garage, fences, swimming pool and so on. Buildings insurance only affects you if you own the property.

If you are a homeowner, having buildings insurance would more than likely have been a condition of your mortgage. Many mortgage providers are likely to sell the homeowner a pricey buildings insurance policy, but you may find a better deal elsewhere. We are constantly reviewing deals and ways of saving you money on Home Insurance.

If you ==> Click Here <== you can enter details about your house and current Insurance and we will try and see if we could save you some money.

A good buildings insurance policy should at least cover you for:

- Fire

- Flood

- Subsidence

- Storms

- Lightning

- Theft

- Vandalism

- Escape of water and oil

- Damage caused by falling trees, branches or other objects.

Contents Insurance

This covers the contents or possessions within your home. This includes furniture, household goods, food and drink, TV’s, computers, clothing and valuables.

If any of your home contents are lost or damaged this is often claimed after a burglary or fire, but can also include damage or loss through an explosion, leak or if your home is vandalised.

What do you imagine the average contents of a family home are worth – £25,000 or £30,000? In fact, the figure for a typical home is estimated to be more than £45,000. To get an idea of the sum to be insured go through every room – including the loft, garage, cellar and shed – and write down what it would cost to replace every item at today’s prices.

In addition many home contents insurance policies protect some of your belongings away from home, so be aware of what your policy does and does not cover. Also check if there is a single item limit. There are some policies that have been built specifically to cover larger single items that need insuring.

If you have antiques, painting or jewelry that exceed more than £5000 each some insurers will not cover you, this number changes for various insurers and some will insure a single item upto £15,000 but you should always check. If you have a single high value item to insure then the likes of Regal Insurance may be able to help. You can call them on 0844 351 0092 or just click here.

Below are some handy tips to make sure your premium is as low as possible, and if certain safety and security elements are in place then you are likely to be offered reduced rates from your insurer:

1. Protect your home and belongings.Install a burglar alarm, buy a safe, install time-switch lights, install security lighting etc. Having approved locks can give you a 5% discount on your premium.
2. Fit a smoke alarm!
3. Increase the standard policy excess. If you are willing to cover more of the cost of any claim then you will reduce your premium.
4. The fewer claims, the lower your premium. It’s always worth checking out which insurance companies offer a no-claims discount.
5. Before buying home insurance consider which policy options are important to you as you may decide that you don’t need certain elements of cover. For example, if you live alone, and therefore don’t have to worry about children or pets knocking valuables over, you may decide you can do without extended accidental damage cover.
6. You may also be able to save money by combining buildings and contents insurance with the same provider; and by agreeing to pay premiums annually instead of monthly to avoid interest charges.

It is always worth shopping around and compare as many prices and policies as possible, it could save you a great deal of money.

Over 50′s Life Insurance

The first point to note is that not all over 50′s life insurance policies are the same. Choose wisely and you can save money and your family will be financially compensated in the event of your death. Choose poorly and you could end up with a policy which is poor value for money.

Term insurance is the most affordable form of life insurance, with policies ranging from one year to up to a few decades.

Some of the main types of term insurance are:

Level Term Insurance

The policy is paid on death and the payout will remain the same throughout the term of the policy. At the end of the specified term, the policy simply expires and has no value.

Increasing Term Insurance

Such policies usually increase by 5% a year or in line with inflation. This type of policy can be beneficial if you intend to insure for a long period, helping to prevent rising prices from eating away at your cover.

Decreasing Term Insurance

The opposite of an Increasing Term policy, a Decreasing Term results in the level of cover falling each year until the policy reaches zero. This type of cover is mainly used to assist in the repayment of loans.

Convertible Term Insurance

Allows you to convert your existing term insurance policy into a ‘whole of life’ or endowment policy. The beauty of such a policy is you cannot be refused a new policy based on the state of your health. However, you will incur higher premiums – usually 10% higher than basic policies.

Renewable Term Insurance

A renewable term insurance policy allows you to renew your existing policy at its expiration. Much like convertible term insurance you will be able to renew your policy irrespective of your state of health. However, some policies may not be renewed if you’re over a certain age at time of renewal, for example, over 65 years.