IT may sound simple buying home insurance but if you want to minimise cost and maximise the quality of the policy cover, then there is a way to do it right. This is your guide to how to buy home insurance the right way and the two minutes it takes to read it will be well rewarded in money saved on purchase and confidence in the case of a claim.
You cannot avoid price comparison if you want the best price home insurance in the UK right now. This is your starting point and in many cases will be the finishing point as well. So go to a price comparison site you like – whether it is Compare the Market, Confused or Moneysupermarket. I would recommend going to www.thepropertyinsurer.co.uk.
Go through the quote process – it should take about five minutes on all the sites, they ask the same questions. At the end, you will be given a screen of prices ranging from the cheapest at top and getting more expensive down the screen. It doesn’t matter if there are 100 providers here, the only ones you are interested in are typically the top two or three quotes and you should be able to get what you want from them.
The cheapest quote is not always the best though. Check the price comparison site hasn’t excluded anything you want from the insurance such as flood cover or subsidence. It may seem unimportant when buying but for £5 saved, if you have a flood ort subsidence claim you will have no insurance. Those claims can run into tens of thousands of pounds, so don’t go for the very cheapest pared back to the bone policy.
The same can be said when it comes to the excess you want to pay. Check that it is what you asked for. Some price comparison sites will increase the excess you pay in order to reduce the price. And don’t forget to add the voluntary excess to the compulsory excess. If you say you are prepared to pay £250 on buildings insurance, the compulsory excess could be £250, making a total excess of £500. That’s a lot and double what I would recommend as a good position between price and benefit.
Once you have selected the quote that has the right mix of cover, excess and price, you can buy from that broker instantly online if you are in a hurry. If you want to save a couple more quid, call them and tell them you need another £10 off the price and you’ll buy there and then. In most cases they will say yes and you’ll have the right cover at the best price possible. That’s how to buy home insurance.