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It’s likely that the most expensive thing that you will buy in your lifetime will be your home. People often dream of owning their own home as it is a symbol of security and wealth. Having a home is an integral part of your life, which is why you should research which is the best way to insure your assets.

Home insurance may be the last thing on your mind when buying a new house. There are so many other things to consider, like how you will commute, what colour schemes you’ll have in each room or even finding a place for your favourite book case. Most people will buy a home insurance policy when they get their mortgage and simply renew their policy when their provider notifies them that their insurance will be expiring. There are many things to consider when it comes to your home insurance, so read this short guide brought to you by moneysupermarket.com when considering your next policy…

-Shop around for your next policy. You could be paying more than you have to for your home insurance. Kate Murphy, a researcher at moneysupermarket says, ‘only 16% of people took our new home insurance policy last year,’ and that ‘you can save an average of £131 by switching your home insurer when your policy is up for renewal, rather than staying with your existing provider’. Make sure you compare a range of insurers and get a quote that could potentially save you hundreds over the course of a year. Remember that many home insurers do not offer loyalty discounts, so be sure to see who is cheapest.

-Recalculate the worth of your contents. Contents insurance covers everything in your house that isn’t part of its structure, and many people underestimate how much their personal belongings are worth. From carpets, white goods, sofas, wardrobes and furniture to clothes, electrical equipment, CD’s, DVD’s, jewellery and your collection of rare stamps- everything counts. Make sure your insurer knows about special items such as an antique or a piece of art, as you may need to have more than the bog standard cover for things over a certain value. It’s better to be safe than sorry, so make sure you declare everything that you’d want to replace if the worst happened to your home.

-Carefully consider your excess limit. The higher your excess, the cheaper your premium is likely to be, so make sure you would be able to afford that amount if you needed to claim on your insurance. Consider how you would pay for the excess if the worst happened- do you have the money in savings? Would your wages cover the amount? Remember that although your monthly/annual premiums would be slightly cheaper with a higher excess, you may be lumbered with a higher bill if you needed to claim.

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