Managing my money
Managing my money

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Managing my money

8.2.1 Keeping down the cost of home insurance

The video presents some of the main variables that will influence the level of home contents insurance premiums.

Download this video clip.Video player: ou_futurelearn_money_vid_1083.mp4
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Martin Upton
Let's talk about home contents insurance. There are some variables and strategies to keep in mind to when it comes to premium costs.
These are some of the variables that will increase the level of your home contents insurance premiums:
Cover for accidental damage.
Special provisions relating to jewellery, antiques or fine art.
Higher limits for the value of individual items.
Cover for items kept in the shed or in the garden.
Bicycle cover.
Students' and holidaymakers' possessions when away from home.
'New for old' - that is the replacement of used and perhaps out-of-date domestic items with newer models.
Protection for business equipment for homeworkers.
Legal expenses insurance.
Living in a high-crime area.
Being a smoker (since this increases the risk of fire damage)
There are also some common strategies for reducing premiums.
Fitting higher standard locks.
Fitting burglar alarms (those connected to the police save more, but they are expensive).
Neighbourhood Watch' membership.
Taking on a higher policy excess.
Building up a 'no claims' discount (this is a reduction in the premium that applies when 'no claims' have been made)
So don't be passive - there are things you can do to shape the terms of your home insurance policy to fit your needs and your budget.
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