Ten Tips for buying Home and Contents Insurance

1. Make sure you have a "new for old" policy.
If your personal possessions are damaged, lost or stolen, most home and contents insurance policies will replace the lost item with a new equivalent. This is called "new for old". For insured items that are hard, or impossible, to replace on a like for like basis - for example antiques or jewellery - the insurer will normally reimburse the value of the item. This means that you should get formal valuations of these items and ensure your policy is up dated to take into account any increased values.

2. Policy's excess.
You can voluntarily pay more towards the cost of any claim. As this reduces the insurers' risk, this will reduce the price of your premiums. But don't agree a policy excess that's too high. You may not be able to afford to claim!

3. How much cover do you have for accidental damage?

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Have you ever broken an expensive vase or family heirloom? Yes? Then you'll know that accidents can happen all too easily! Accidental cover does vary between policies so check out the documents before you buy.

4. Do you need to insure your you family's bicycles?
A bicycles is one of the more regularly stolen items as they are so easy to transport! Therefore, many home insurance companies will ask you to pay extra premium to get them covered.

5. Are the contents of your freezer covered against power failure or breakdown?
Have you ever added up the value of the food in your freezer? Many of us would be surprised! The total value of the food in your freezer could easily add up to more than £200. Most policies include this cover automatically - but some charge extra. Check out that you have enough cover. If necessary, get it increased.

6. Do you have any business equipment at home?
Usually any business equipment you keep at home needs to be insured separately from your personal possessions. Business equipment, especially lap top computers can expensive to replace and some insurers treat this equipment as an additional risk.

7. What happens if the water main bursts on my property?
Some policies cover water main bursts whereas some treat it as an optional extra. Check your proposed policy.

8. Is jewellery covered?
Jewellery claims can easily exceed the maximum claim value for individual possessions. Contents Insurance usually requires you to individually list all items whose value exceeds the policy's maximum claim value. These can then be fully insured for an addition to the premium.

9. Are you insured if you take some items abroad on holiday?
The answer varies between policies. You need to check this out before you buy.

10. Are discounts available for buying contents and buildings insurance from the same insurer?
You should always insure your home (building) and it's contents on a combined Home and Contents policy. There are two good reasons: You'll get a much lower premium for buying together. Secondly, if everything is insured by one insurer, there's no scope for argument as to which insurance company pays for a claim. Consider for example, the sort of damage that a pipe burst in the loft space could cause: a collapsed ceilings, damage to fitted furniture, carpets, televisions and decorations etc. There's far less hassle if you are claiming from one insurer.