Top 10 Tips to save Home Insurance

As there's no place like home, it makes sense for you to protect it.

A home insurance policy is basically a contract you make with an insurance company. It is a combination of property and liability coverage, which means it, can protect you if you're sued, as well as if you're robbed. The insurance company also agrees to pay for damages resulting from injuries or damage to other people for which you are held legally responsible. In exchange for your premium, the insurance company will pay for financial losses related to your home or your property during the period of the contract.

There are several things to remember about insuring your property.

These tips doesn't involve huge amount of time or effort but if you would follow, it could save your fortune. Better safe than sorry.

1. You need to SHOP AROUND

As Price does not necessarily guarantee quality in the wonderful world of financial products, you need to shop around as the cost savings and quality of cover vary greatly. Also check consumer guides, insurance agents and companies. Quality service may cost a bit more, but it provides added conveniences.

2. Make sure insurance really does cover you

Just because an insurance company has sold you a policy this does not mean you're eligible to claim on it. You can challenge them to confirm in writing that your particular circumstances are covered.

3. Make sure you won't get ripped off by your mortgage company

Mortgage lenders can entice you greatly with cut-price rates as mortgage markets are becoming increasingly competitive. But these home or mortgage payment protection policies will be overpriced and cost you a lot more than necessary.

Increasingly they're charging a fee - often £25 - if you insure elsewhere. This type of penalty is known as a "tie in", unlikely to give you the best value. So it's better to ignore compulsory insurance tie in scams, no matter how urgently you want the mortgage.

4. Security Tips

• Many people let their absences be obvious and/or do not remember to lock doors and windows, both of which are signals to experienced thieves. Remember to lock all doors at night and whenever you go on a vacation.
• Don't let strangers into your home. Similarly report any strangers you notice loitering in your neighborhood with any apparent purpose.
• Install an alarm if the house doesn't have one. As many companies offer discounts if you have installed reliable fire/ burglar alarms or other security systems.

5. Auto Insurance agent

If your auto insurance company offers home insurance, they might provide you with a home insurance discount. Another good idea is to talk to the agent that is writing it up and ask them for the details. Be sure to ask a lot of questions about home insurance quote, since once something happens to your home, this policy cannot be changed to fit what just happened.

6. House can be insured but not your land.

As the land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your home owner's policy. Don't include its value in deciding how much homeowners insurance to buy. If you do, you'll pay a higher premium than you should.

7. No to smoking

Many companies offer discounts to non-smokers. That's why some insurers offer to reduce premiums if all the residents in a house don't smoke.

8. Negotiate

Insurance never comes with fixed price. So get on the phone and negotiate. Always try taking it to your existing insurer and a broker by mentioning your best quote. Also beware, opt to pay monthly rather than in a lump sum and it costs more.

9. Inventory

Make an inventory of everything you own in your home and in other buildings on the property. Take either still or video pictures and attach receipts to the inventory when available. Store the inventory and visuals for future records and keep updating the when you make major purchases.

10. More

Ground your television antenna to prevent damage from a lightning strike. Keep your yard tidy and free of debris.

Hope these tips may help you to prevent from situations that lead to a typical claim.

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