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Home contents insurance
Swapping residencies with another council house or housing association tenant is an excellent method of arranging an important move in more rapid and flexible fashion than otherwise. But when the time comes to relocate, it's vital to get your home insurance quotes rearranged.
As a tenant, you will not need to have buildings insurance. It is the responsibility of the housing association or council. However, you will need to get your contents insurance updated to protect yourself should the worst happen and your belongings are damaged or even destroyed. It's not a legal requirement like car insurance is, but is strongly recommended to protect any items of high value you might have.
If you have a valid insurance policy, then it's vital that you notify your insurance company of the change in your circumstances, or risk completely invalidating it.
When you work out your contents insurance, it's essential that you make an accurate calculation of what your belongings are worth. Insurers will not provide cover to a greater value if you realise that the contents of your home are worth more than what you originally estimated, so it's important to get it right first time. However, moving home presents the perfect opportunity to take stock of your belongings and calculate their worth accurately and easily.
You should also be certain that you have a firm understanding of what the exclusions of your policy are. These are the circumstances in which you will be unable to make a claim. Each insurer will have a different set of exclusions, but a frequent situation that will make you ineligible for a claim is if items have been taken from your home without forced entry, due to the house being unlocked or a window being left open whilst you are out. If you have declared that you have a burglar alarm fitted but then you don't use it, it also might make your claim invalid. This also applies to smoke alarms which are disabled or are not maintained and your home is damaged by fire.
How to obtain a cheaper contents policy
There are a few methods which could lower your insurance premium. Some may require an initial investment, but the outlay will pay dividends over the years - not to mention making your home safer.
You could try the following:
Join a neighbourhood watch
If you're a member of a neighbourhood watch scheme, you might be eligible for a discount from your insurer so if there's a scheme, enquire about joining it. It could also be a handy method of meeting your new neighbours, so give it a go.
Avoid fires
By having at least one approved smoke alarm you're likely to qualify for money off your policy. However, if it's not properly maintained you could invalidate your insurance.
Agree to a higher excess
Choosing to pay a higher voluntary excess will make your premium cheaper, but it should always be at a level that you can comfortably pay in the event of having to make a claim.
Choose your options
The more 'add-ons' that you opt for, the more expensive your insurance policy will be. Therefore, to make your policy cheaper, don't opt for things that aren't essential.
Shop around
Comparison websites have made it easy to browse many quotes from a wide range of insurance providers to see where the best deals are located. But make sure the policy that you're buying provides sufficient cover should you need to call upon it: the cheapest option isn't always the best. Buying online could also mean you pay less on account of the reduced overheads that insurance companies incur through internet trade.