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Is it
possible to reduce my home insurance premiums without cutting back on the cover?
Yes it is, set about the job bearing in
mind the following:
Look at your home through the eyes of a
burglar and take some crime prevention measures. Your local Priceless consultant will be
able to provide you with a list of measures you can take to make your property more
secure. The local police will invariably have a crime prevention unit willing to advise.
Join or set up a neighbourhood watch scheme in the local area.
Having taken crime prevention
steps, am I sure to pay a lower premium?
Priceless recognises that clients that have
taken preventative action are likely to be a better risk. To this extent, we reward
policyholders for taking crime prevention measures. Check with your local
Priceless consultant as to the exact discounts that you will receive.
If I receive a cheaper quote,
should I accept it?
Satisfy yourself that you will be dealing
with a reputable insurer/broker who's going to be able to deliver the kind of service you
expect. It pays to shop around; so long as you make sure that you are getting the same
type of cover and excesses that you receive under a Priceless policy. Seek value for money
at a price that you can afford.
I bought my building and contents
insurance via the building society when I arranged a mortgage. Am I bound to stay with
them, or can I switch my insurance elsewhere?
You are not bound to buy your building or
contents insurance from your home lender. Mortgage lenders tend to have an arrangement
with an insurer who will provide at least buildings insurance to borrowers. It is
convenient for the lender because having set up an arrangement, they know clearly what the
cover includes and often get a commission in the process. However, this often results in
you paying more for insurance than necessary and you do not necessarily get the best cover
terms. If you decide to use Priceless, not only will we be happy to provide your mortgage
lender with proof of cover, you could have an all encompassing policy which means only one
point of reference for you with regards to all your insurance which eliminates the risk of
double insurance on various articles.
People say that building insurance
is 'compulsory' while contents cover is 'voluntary' - is this so?
Strictly speaking, both building and
contents insurance are both optional, but it's wise to have both.
- Building Insurance: When you take out
a mortgage to purchase your home, the lender will insist you have this cover. If the
property were to burn down, the lender would want to know that there is insurance to cover
such a catastrophe. For this reason, most people are sold building insurance at the time
they take out a home loan. Even if you have paid off your property, could you afford to
replace it out of your pocket should something happen?
- Contents Insurance: cover your
possessions, such as your television, furniture and carpets. Additionally,
Priceless provides liability insurance. If someone were to visit your home, trip and injure
themselves, they may make a claim against you. Such a claim could be for a considerable
amount, at Priceless we cover you against these costs.
In the case of building insurance -
what's covered?
In addition to the structure, a buildings
policy covers permanent fixtures and fittings such as baths, toilets and fitted kitchens,
bedroom cupboards and interior decorations. The test is - can the fixture reasonably be
removed and taken to a new home? If no, then it is covered by building insurance.
Priceless extends cover to include structures such as garages, greenhouses and garden
sheds, boundary walls, fences, gates, drives and swimming pools are covered. The policy
also provides you with alternative accommodation if your home is uninhabitable due to an
unforeseeable insured event occurring.
In the case of home contents
insurance - what's covered?
A contents policy covers just about
everything you would take with you if you moved. Furniture, furnishings, household goods,
kitchen equipment, frozen food and drink, televisions, video, computer and audio
equipment, clothing, personal items and valuables up to stated limits.
Priceless covers loss or damage to your
possessions while in your home, place of work or temporary residence elsewhere.
Priceless offers various cover options which even include accidental damage to television, videos,
home computers and audio equipment.
How do I know how much to insure my
contents for?
Priceless
can arrange a professional evaluation of your contents. Once the correct value has been established
your cover will be kept in line with inflation.
If after taking the various crime
prevention steps, I still find the amount I'm asked to pay too high, are there any other
options?
If you're looking to cut your premiums
still further, you may want to consider the various excess structures available on
Priceless. In this way, you can accept to pay a larger amount yourself in the event of a
claim in return for a reduction in premium. In any event, don't be tempted to cut your
premiums by under-insuring. In the event of a claim, the insurer is likely to scale down
what it's prepared to offer you by way of pay out if you under-insure. |
