35 Rise In The Cost Of Home Insurance Reveals Consumer Intelligence

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

One of the not so pleasant surprises for the people of UK is that home insurance prices get a boost again! Confirmed by the Consumer Intelligence, there is a 3.5% rise in the annual cost of home insurance in the UK. This year-on-year increase brings the average annual home insurance premium to 123. This is especially more surprising as there is a drop in inflation, which reduced from 1% to 0.9%.

This rise in the cost of insurance is blamed on the increase in government taxes even though low premiums were offered due to the ever increasing competition between home insurance providers. Due to the stiff competition between home insurers, the average best buy prices are 9% lower than what they were in February 2014. Knowing that the cost of home insurance has not reached its highest peak may come up as a relief for most home owners.

When statistics were studied regionally, it was found that Eastern England had the highest rise in home insurance prices. Here, the insurance got a 6.6% boost which was closely followed by Wales with a 5.6% increase in the insurance cost. The least affected people were those living in the South East where they have to pay just 1.8% more for insuring their homes.

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.

Without much of a doubt, anyone can anticipate that premiums must be highest in the urban cities like London. This holds true as if you want to buy home insurance in London then the average premium cost would be around 154. Second in line are home owners living in the North West who have to pay 127, which is 27 lesser than that in London. Contrary to this, the region with the lowest premiums is the South West where people have to pay around 113 to insure their homes. This is 36% lower than the highest home insurance premiums in the UK.

When we look at different age groups, it is easy to see that people over-50s are paying the highest premiums with an average of 131. As opposed to this, people who are below 50 years of age need to pay 119. In addition, people over-50s face higher price rises which is around 4.1% when compared to 3% paid by people under-50s. This can be accounted to the fact that people over-50s have bigger and lavish houses when compared to the youth. It can also be due to the fact that people over-50s live in older houses, which demand more maintenance and hence higher premiums.

How about you? Do you feel that your premiums should be lower? Well, then you can easily use home insurance comparison tool to cross-check your payments.

Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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