Published at 14:06, Friday, 27 April 2012

Use price comparison websites to slash your home insurance costs and grab hidden cashback deals.

These savings can be had anytime. Provided you haven’t claimed, most insurers allow policies to be cancelled with a refund and while a few charge.

Insurance premiums depend on the insurer, the level of cover and how risky you’re perceived to be.

A common mistake is to cover the house’s market value (the amount it could be sold for), meaning many people are over insured, paying too much. The amount you cover should be the ‘rebuild value’ (the cost of rebuilding the property if it were knocked down).

Commissioning a survey is most reliable, but is expensive. A less accurate, but quicker option is the ABI’s calculator, or using a comparison site that uses the ABI’s data, such as Moneysupermarket.

For contents, don’t under-insure, this could lead to insurers not paying out when you need it. Add up everything, including smaller items like clothes on a ‘new-for-old’ basis. Then send your details to insurers’ and brokers’ websites, and report back the cheapest.

They don’t all compare the same sites, so the best strategy is to combine them.

When clicking to insurers, check all the info is correct and the policy is suitable.

Published by http://www.cumberlandnews.co.uk