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Ten Ways You Never Knew You Could Save Money On Home Insurance

Home insurance is usually a lot cheaper than other forms of insurance, like car insurance. But that doesn’t mean that it’s not worth looking for ways to save. Shopping around using comparison website is a good idea, but there are plenty of ways you can modify your home to convince insurers to reduce their premiums. Here’s what to do.

Tip #1: Combine Your Building And Contents Cover

Insurance companies will often offer cheaper rates the more coverage you take out with them. For instance, in the car insurance market, you’ll usually get more competitive rate on your first car if you take out a second car insurance with them. The same goes for home insurance. If you take out contents insurance on top of building insurance, you’ll get a lower price for both combined than you would for getting each covered separately. Just don’t forget to do a price comparison on building and contents insurance separately to make sure that you’re getting the best deal.

Tip #2: Cut Out All The Thrills

One of the ways that insurances companies make their money is through adding on extras. Sometimes these extras can come in handy, like having a hire car if your vehicle is involved in an accident or breaks down, but many are not. Home insurance, for instance, often comes with accidental damage cover. Sometimes this additional cover can comprise more than 20 percent of the overall bill. Think about whether you really need accidental damage cover or whether you’re better off with cover against fire and theft. Ask yourself whether it is really worth paying the excess if you break something in your home.

 

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Tip #3: Build Up Your No Claims

No claims in the house insurance market work in the same way as they do in the car insurance market. The longer you go without making a claim, the more money you’ll get off your premium. Over time, your no claims discount can build up substantially, hitting 50 percent in some cases. Also remember than the higher your excess, the lower your premium.

Tip #4: Fit Smoke Alarms

According to data from the UK, faulty electrical wiring cause more than 7,000 fires every year. As such, it is one of the main causes of damage to properties. This is why experts and Money Supermarket suggest that people make sure that they have smoke alarms throughout their homes and that they check them regularly to make sure that they are working.

Tip #5: Insulation

Burst water pipes are a major cause of home damage, and so many experts recommend taking out unsecured homeowner loans so that you can make the necessary home improvements. Making sure that water pipes are insulated so that they don’t freeze and crack during the winter prevents you from having to make a claim and risk increasing your year over year premiums.

Tip #6: Join The Neighbourhood Watch

Neighbourhood watch schemes run all over the country. The idea of these schemes is to deter criminals from breaking into your home and stealing all your stuff. Typically, people who join neighbourhood watch schemes pay around 5 percent less overall for their home insurance than people who are not members.

Tip #7: Pay Your Own Way

It’s worth thinking very carefully before approaching your insurer to make a claim. If the problem is only minor, it might be worth just paying to have it fixed yourself without going to your insurance company. This way you protect your no claims discount.

Tip #8: Choose The Right Locks

Having the right lock for your home can mean the difference between a criminal gaining entry and them being left out in the cold. Wooden doors should have a five lever mortice deadlock, a type of lock that practically immobilises the door when locked shut. PVC external doors have their own type of three-point locking system, again designed to make the doors more robust to criminals trying to break and enter.

Tip #9: Install CCTV

The price of CCTV systems has fallen dramatically over the last few years, thanks to the smartphone revolution. Smartphones and digital technologies like WiFi mean that home owners can now install their own CCTV at very low cost. To comply with the law, you’ll have to put up signs saying that people are being filmed on your property.

Tip #10: Make Friends With Neighbours

Opportunistic criminals are always looking for signs that you might not be in. One of the signs they look out for is whether packages have been left by the door or not. If packages are left overnight, it means that there’s a good chance you’re away, and they can strike. Make friends with neighbours and get them to take in packages and parcels for you.

 

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Car Insurance: An Investment or a Monthly Bill?

For many drivers, car insurance might seem like more of a nuisance than a benefit. The cost of insurance premiums often averaging a few hundred dollars a month is enough to make anyone cringe. However, what must be understood is that having adequate car insurance is for your own protection. It provides many benefits to covered drivers and could save you money in the long run. Here is a closer look at the importance of car insurance.

It’s the Law

The first thing to point out about car insurance is that it is a legal requirement in the U.S. If a driver is pulled over and does not have a license, they are subject to any of the following:

  • Suspension of their license
  • Vehicle registration suspension
  • Traffic tickets and fines
  • Mandated to obtain an sr22 insurance policy– this means that you have repeat violations for driving without insurance and require a SR22 insurance document for proof that you’re carrying an insurance policy.

It’ll Cost You More Without It

Aside from the legalities of carrying adequate car insurance, drivers must look at the financial aspects of not having it. If you’re not properly covered and get into an accident it could cost you a significant amount of money. Accidents can range from the hundreds to thousands of dollars depending on the extent of the damage. A person without insurance would be required to pay for the following:

  • Damage or replacement of the vehicles
  • Damage to any property
  • Medical bills for injured parties
  • Medical expenses relating to the accident
  • Potential court costs should the injured party decide to file suit
  • Mandated fees as a result of court findings including but not limited to pain and suffering, lost wages, and long term medical costs.

When you consider the consequences of not having the insurance policy in hand, it simply makes more sense to invest in coverage to protect yourself legally and financially. Below are a few tips on the types of insurance coverage available and tips for finding affordable rates:

Types of Auto Insurance Coverage

There are typically three types of insurance – liability, collision, and comprehensive coverage. Below is a brief explanation of each:

Liability Insurance

One the most basic forms of insurance is the liability coverage. This insurance policy will cover you in the event that you’re involved in an accident that’s your fault. This insurance will cover the cost of repairs for any damage as well as medical expenses. These policies however, do not cover the cost of damage to your own vehicle.

Collision Insurance

Collision coverage adds another layer of protection to the liability insurance. This will pay for the expense of repairs to your property in the event of an accident in which you are the at fault party. This insurance is usually required for new cars as the lien holders want to protect their asset.

Comprehensive Coverage

While liability and collision insurance cover vehicle accidents, comprehensive coverage takes care of damage to your property outside of an auto accident. This could include damage due to weather, vandalism, theft, or hitting a deer. It will cover the cost of damages in scenarios as described above.

Finding Affordable Insurance

Are you in the market for affordable car insurance? If so, here are some things you can try to get lower rates:

Check your credit score – if your credit score is higher than it was when you purchased your insurance policy, try reapplying. Your credit rating can greatly determine how much you pay each month.

Maintain a decent driving record – good drivers make for great insurance customers. There are some insurance providers that will reward customers for being safe on the road.

Compare prices – price comparisons can help you find the best insurance rates with the right amount of coverage. Look at the rate of at least three companies for the best choices.

Increase your deductible – if you can afford it, increasing your deductible (out of pocket expense in the event of an accident) can lower your insurance premium.

Bundle Services – if you’re in need of home, renter’s, boat, or second car insurance getting them from the same insurance provider can save you a decent amount on your monthly premium.

Hopefully this has given you some insight on the importance of driving insured. You should also remember to invest in adequate insurance coverage as each policy type adds a different layer of protection that can save you money should the unforeseen happen. Just look at it this way, insurance coverage is more than a monthly bill, its an investment that provides peace of mind..

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3 Common Times Where You’ll Need Insurance

When people think about insurance all they think about is car or home insurance. But, there are other instances where you might need insurance. So, here are three common times where you’ll need insurance:

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If You Get Injured

Health insurance is one of the most common forms of insurance out there. And, it’s one of the most important. If you don’t have health insurance, you might not be able to get medical treatment. Say you get injured and go to a hospital, they can’t do anything if you haven’t got insurance. Also, health insurance will cover the costs of any treatments you have. If you need an operation, your health insurance provider will pay for it. Similarly, it comes in handy if you get injured and need physiotherapy. A physio will still help someone without health insurance, but it will cost you. You’ll have to pay for the treatment with your own money. Whereas, if you have health insurance, all treatments will be paid for you. It’s very useful and, I would say, essential that you get health insurance if you don’t have any.

If You Have A Pet

Some people don’t know this, but you can get insurance for your pets! Why would you need this? The same reason you get insurance for anything, as a safety measure. If your pet hurts or injures someone in any way, you’ll be held liable. It doesn’t matter if you weren’t there at the time; the person will be allowed to sue you. So, insurance can help cover the costs of any lawsuit, meaning you don’t have to spend money. If you have a dog, it’s recommended you get pet insurance for them. There’s always a risk that your dog could bite someone by accident. Another high-risk pet is a horse. Horses are big, and it’s easy for them to, accidentally, hurt someone. You’ll need specific insurance from a horse insurance company if you want to keep yourself safe. It’s always handy to have pet insurance, just in case the worst does happen.

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If You Own A Business

If you’re a business owner, you’re going to need business insurance. Insurance like this will help protect your business from many things. You can get some that will cover you if someone gets injured on your premises. All it takes is for someone to bang their head or slip over, and they can sue you. With some business insurance, you’ll be covered if this does happen. You won’t have to pay the person any of your money. There’s also insurance that helps protect your property and everything in it. Get some that will insure your office in case it gets broken into or destroyed. If your office gets destroyed in some way, and you lose stuff, the insurance company will pay for new things. Running a business without insurance isn’t a very clever idea.

So, these are three examples of when you might need insurance. In my opinion, it’s always worth getting insurance, just to be safe. No one can predict the future, so it’s better to be safe than sorry!

 

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The Types of Insurance All Parents Need

Being a parent carries certain responsibilities. You can no longer make decisions without taking into consideration how they’ll affect your family. Having the right insurance policies is one of these responsibilities. Here are the types of insurance all parents need.

Life Insurance

No one wants to think about the possibility of them or their partner dying while the kids are still young. But if it did happen, you could face financial ruin as well as having to deal with the grief. The only way to make sure that your family is provided for in the event of you or your partner’s death is to take out a life insurance policy. The policy will pay out to your family upon death, giving them financial security.

Most policies don’t cost very much, but they could be very useful if they’re ever needed. You don’t want to leave your family in the lurch if the worst ever does happen. It’s usually the case that the main earner in the home takes out the policy. They’re the one that the family relies on in terms of income, so this loss of income could be disastrous. The insurance policy will help to remedy that problem. Trauma insurance is similar but rather than being paid upon death it is paid out when you injure yourself and can no longer work. Get a trauma insurance quote online and compare deals

Home Insurance

Every family needs to have a roof over its head. Your home might not be quite as secure as you’d like to think though. There are all kinds of things that can go wrong in the home, so being insured is a good idea. If you live in an area that is at risk of flooding or other weather-related problems, home insurance is vital. You’ll need to make sure your policy covers you in the specific areas required.

You’ll also be covered against other kinds of natural damage, robbery and vandalism. The financial compensation you’ll get if something does go wrong will help you get back on track and put your life back together. Be careful when buying the policy though. If you buy an ordinary home insurance policy, your contents probably won’t be covered. If you want to cover your contents, you’ll have to pay more.

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Car Insurance

Driving without car insurance is a crime, and families find it hard to cope without a car. That means all parents need to make sure they have the best car insurance policy for them. You need to be fully covered in the event of a crash by an insurance provider that’s cost-effective but also completely reliable. Not all car insurance providers can be trusted to do the best for their clients so be careful.

There are plenty of websites that allow you to compare insurance quotes nowadays, so you have no excuse for not doing your research. You can easily enter your details and see which company offers the best deal. Don’t forget that some insurance providers don’t appear on price comparison sites though, so you’ll need to compare their deals separately. It might seem like a long and complicated process but if it saves you money and keeps your family safe, it’ll be worth it.

Having the right insurance can be the difference between hardship and being able to get back on your feet when something bad happens..

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What Does Your Car Insurance Cover?

Shopping for car insurance is a real pain, but it is a legal requirement. If you ever get into an accident, heaven forbid, insurance can be a lifesaver. Or can it? The right type of insurance is perfect, as long as it covers your needs. Some plans are as basic as the paper they are written on. Even worse, a lot of drivers don’t realise it until the last minute. And the last minute is too late. To make sure that doesn’t happen to you, take a look at coverages below and what they cover.

Third Party Only

Third party only insurance policies are the most basic policies around. In their most fundamental form, they exist to protect other drivers and motorists on the road. So, any damage that you are responsible for on the road is covered by the insurance company. That means any repairs and medical costs you are liable for are covered, except for your own. Third Party policies are the cheapest, but they not the most thorough.

Third Party, Fire & Theft

Just as above, third party covers any damage, you are liable for. But, with the third-party, fire and theft option, the insurance company will pay out if your car is stolen or damaged by fire. A lot of people prefer just to go with a third party only policies because the chances of your car being stolen or in an arson attack are quite low. But, if you live in a rough neighbourhood, it might be worth paying that little bit extra.

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Full Comprehensive Cover

Full comprehensive cover will cover you for pretty much any scenario that occurs while you are driving. As you would imagine, cover for the above is included and any damage to pedestrians and road users. But, the comprehensive cover also covers you for damage that is not your fault. If someone else damages your car or you need medical assistance, your insurance company will come to the rescue. So, if it is your fault, not your fault or if blame cannot be attributed, you are covered. Comprehensive cover is more expensive because the insurance company will pretty much have to pay out if you have an accident. It is up to you, but the full cover is the best option if you can afford the payments.

What Don’t Any Of The Above Cover?

Although the above do cover a wide range of scenarios, they don’t cover every possibility, and that is important to know. For example, if you need a courtesy car or breakdown cover, you might have to pay extra for the privilege. Car insurance also doesn’t cover any personal injury claims. If you do want to take any further action against your fellow motorists, someone like David Resnick, personal injury lawyer, is who you need to contact.

For your sake, don’t assume that your insurance covers every eventuality. Take the process seriously and treat it with respect. Every detail from the cost to the type of cover is important and needs to be analysed thoroughly..