How to Take Control of Your House Insurance Costs in 2013

As a homeowner, you may be drowning under a sea of payments. When you move into a new property, your money will be divided into separate categories including council tax, utility bills, and mortgage payments. After paying hefty solicitor fees and estate agent fees on top of the initial costs of home furnishings, you may be struggling with all of those extra costs that come with moving home.

Am I Paying Too Much for House Insurance?

When you move into a new home, it is tempting to go with the first company you come across for your house insurance. You will need to set up monthly payments for council tax, water, electricity, internet, and phone and for this reason, it is easy to opt for the quickest option. You may not have time to shop around for the best house insurance deal but this will send your monthly outgoings soaring. So, if you think you might be paying too much for your house insurance, it’s not too late. Go online to discover your options and apply for multiple quotes to see if you can save.

My House Insurance is Rising. What Now?

With so many bills pouring through the letterbox, you may not even give them a second glance. Once the direct debit has been set up, it is easy just to forget about these monthly outgoings. However, your house insurance bill may rise over time so it is essential to keep an eye on the figures. One option is to combine your insurance needs as some insurance providers will provide you with a discount as a result.

Only Pay for What you Need

The chances are you may be paying for more insurance coverage than you actually need. Go through the details of your house insurance coverage with a fine tooth comb and see if you could cut costs by eliminating any unnecessary cover options. Ensure that you are covered for the essentials like roofing for instance (wherein you would need to call in a Roofing contractor in West Bend, WI, or elsewhere), as this is something you can’t afford to skimp on. Don’t forget other important items like plumbing, electrical wiring, and HVAC, depending on your needs. Also, factor in the possibility of natural calamities in the area you reside. And then ask yourself questions like do you really need earthquake coverage? Of course, if you do live in an area that’s prone to things like flooding, you’ll want to make sure you have the correct coverage that will help pay for things like water restoration service, should your home be affected by water damage.

Only Make Big Claims

Making lots of insurance claims in a short space of time can cause your insurance to rise over time. For this reason it can be wise to think whether making a claim for something small is worth it in the long run. If you are unsure how to lower the cost of your insurance speak to a specialist for expert advice.

What Falls Under the Category of Big Insurance Claims?
Big claims for home insurance typically refer to significant losses or damages that result in substantial payouts from your insurance company. These claims can vary based on the type of insurance coverage you have and the extent of the damage. Here are some examples of what could be considered big claims for home insurance:

• Total Loss or Major Structural Damage: Claims related to a total loss of the property or major structural damage due to events like fires, tornadoes, or severe storms can result in substantial payouts.
• Extensive Water Damage: Water damage caused by events like burst pipes, flooding, or sewer backups can lead to costly repairs, especially if it affects multiple rooms or floors.
• Significant Roof Damage: Severe weather, falling trees, or other factors causing extensive roof damage that necessitates complete replacement by a skilled Roofing contractor can result in substantial insurance claims.
• Expensive Personal Property Loss: Claims involving the theft, loss, or damage of high-value personal belongings such as jewelry, art, electronics, or collectibles can result in substantial compensation.
• Liability Claims: If someone is injured on your property and you’re held liable, the medical expenses and legal costs can lead to big claims. This could include incidents like a serious slip and fall.
• Guest Injury Claims: Injuries sustained by guests while on your property could lead to claims for medical expenses and potentially legal costs.
• Loss of Use: If your home becomes uninhabitable due to a covered event and you need temporary housing, the costs associated with lodging, meals, and other accommodations can result in a significant claim.

It’s important to note that the definition of a “big claim” can vary based on your insurance policy, coverage limits, deductibles, and the local cost of repairs or replacements. When making a claim, consider your deductible and potential impacts on future premiums. It’s advisable to consult your insurance provider to understand how specific events might affect your policy and coverage.