Choosing the right home insurance
option can be difficult, luckily, we have six easy tips to help you find the most affordable content cover.
1. Accurate Content Evaluations Create a full and comprehensive list of all the contents in your home so you can create an accurate estimation of the value of your possessions. Make sure you don’t leave anything out to save a few bucks because if something were to happen, you would be underinsured and you would have to pay to replace the items.
2. Know Your Policy’s Limitations All policies available will have a limit as to how much the insurance company would be willing to pay out per asset, you need to know what this amount is. Make sure you read the fine print on the policy before you sign. Your policy will probably not cover every single asset for every kind of loss situation but you must know what is included. Items excluded from a claim according to your policy often comprise of antiques, damage from storms, and a lack of maintenance to your home.
3. Avoid Discount Insurers As tempting as it may be, choosing the cheapest insurer that offers “discounts” will cost you in the long run. Be sure to avoid insurers that offer discounts as the low-cost policies have some nasty and expensive surprises in the fine print. You either need to give up a certain level of coverage, customer service, or you actually pay back the “discount” a few months later with higher premiums.
4. Insure Collectables Separately Most basic insurance policies will not cover antiques or collectables. You can either pay an extra premium with your basic policy or you may have to take out a completely different policy. This will depend entirely on your insurance provider. Take note, it is important for you to safeguard any appraisal certificates of your collectables, as you would need to prove their worth in case of loss.
5. Up Your Excess To save on your monthly premium, ask your insurance broker to increase your excess. This means that the required amount you need to pay for the cost of filing a claim with your insurance company, termed excess, would be higher than the normal rate. If you intend to do this, make sure you increase your excess before you start paying your monthly premiums. 6. Always Compare Don’t be fooled by the bold offers of some insurance companies, always take a closer look at the policy details such as limitations, excess, and over all price. To compare a variety of good quality home insurance providers, simply go to http://www.compareguru.co.za/insurance/home-insurance
©Diane Moalem for Compare Guru