renewing house insurance in a week and want to look around for cheaper quote. haven't updated it since we bought the house and obviously have a load to add but not sure how that works?where do i start and what do i include? do i have to get things valued?have receipts?
please can anyone help as it really helps to be paying the right amount but the best amount in these times!|||Most insurers will now quote on the number of bedrooms and give cover accordingly. Typically a 4 bed house will have cover of approx. 拢40,000 - $50,000.
You will however need receipts (but not have to send them to the insurer except in the event of a claim) for specified items (i.e. expensive jewellery or those items covered under "all risks" which would be covered out of the house. It's always useful to keep receipts of expensive things anyway to prove that you bought them.
Other optional sections will include bicycles, deep freezers and their contents, electronic gizmos such as laptops mobile phones etc. Again it is useful to have receipts in case of a claim.|||You'll be offered insurance based on a fixed amount for contents (say 拢40,000) If you think that that will not be enough to cover your contents in the event of a total loss then have it changed to a figure that you consider adequate.
You also get the chance to insure expensive items (e.g. diamond ring, top of range item etc) separately, that is where you have to arrange the value of each item and have documentation to prove it (valuation certificates etc)|||The amount of coverage you need on your home depends on building costs in your area. And, the contents coverage is automatically 75% of the building amount.
The agent should be able to come up with the figures for you. If not, you should find another agent.|||When I did mine, I didn't want to overvalue - pay for higher premium than necessary, and vice versa.
I went on moneysavingexpert and it was recommended to use this site, it was great to calculate the value of contents and things you wouldn't think of:
www.hiscox.co.uk/calculator/|||Assuming you're in the US...
Your Dwelling (Coverage A) is the amount to REBUILD your home if it's a total loss. So, don't think of the selling price, but the actual amount to rebuild your house. Generally, the insurance company will come up with an amount, so make sure that's adequate or not much more than you'd think it'd cost to rebuild.
Other Structures (Coverage B) covers barns, sheds, fences, pools, detached garages, and other structures that are detached from the house. Again, they'll come up with an amount, just use your own judgment. If you do have a fence, and your neighbor shares/benefits any side of it, the insurance company will only pay you half of the amount to fix that side, as most states have laws stating the fences are co-owned.
Contents (Coverage C) will be another recommended amount. You'll want to think about how much it will cost to replace ALL the items in your home (furniture, electronics, knick knacks, beds, clothes, cabinets, appliances, etc). I went to that UK website and they recommended $80,000 for my house and it's just me, and I only have a couple pieces of new furniture and the rest were "hand-me downs" so to speak. I think that's a little too much...again, you just have to use your judgment. Now, if you have anything valuable, such as jewelry or other antiques, you can insure those for a specific amount...you'll want to let the company or your agent know about that and they'll instruct you to get a receipt or an appraisal done on them to support the value.
Hopefully this helps!
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