We are legally obliged to insure our homes and our cars but it is a good idea to also cover our possessions. Finding cheap contents insurance shouldn't be too difficult if you know these tips:
1) Consider adding it as an additional benefit to your home policy. This will avoid having to pay two administration charges so the overall rate should be cheaper.
2) Think about what you want to insure. The idea is that you provide sufficient cover to replace your belongings in the event of a fire or something else destroying your home. You will also want to think about any jewelry or artwork you have that thieves may find very attractive.
3) When valuing your home items remember to work in an element of depreciation. You may have spent $1000 on that sound system but could now buy a similar one for $500. So you really only need the later amount of protection.
4) Get your valuable items professionally valued. Sure there will be things that you just cannot put a money value to. For example if you own items that once belonged to a deceased loved one. I would suggest you invest in some additional security for these particular items such as a home safe or if the value is considerable a bank security box.
5) Having safety and anti-theft devices fitted to your property will help reduce costs. Think about alarms, mortis locks and don't forget your windows.
6) You already know that by increasing your deductible you saved money on your home and auto policies. The same theory applies to achieving cheap contents insurance.
When you are working out how much cover you need, it is a good item to go from room to room and build up an inventory. Using a video camera helps to retain evidence of ownership and can prove to be a goldmine of information in the event of a robbery. Don't forget that your curtains and carpets count as furnishings and are often the first things destroyed in a flood or fire. Also consider what white goods you would need to replace. Use a catalogue to give you an idea of how much it would cost if you had to go and buy all of these items today. All too often we insure the jewelry and fur coats but forget about the basic items that we use every day.
Get multiple quotes to compare the cover and prices you are being offered. You can use comparison websites to see what is on offer and remember to ring your home policy provider as well. If you have had your home for a number of years and have built up a no claims discount you should be able to secure a very good deal.
To reduce costs further always try to pay the premiums annually in advance. It is tempting to pay in installments but you are likely to suffer additional expenses in the form of interest or administration costs. The more charges you can avoid the more likely you are to find cheaper contents insurance.
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