Household Insurance – What you need to know

Household Insurance, like any other type of insurance, is there to help you when you`re most in need! When the unexpected occurs and you have to make a claim, your insurance cover is there to help cushion the fall.

There`s vast amounts of information relating to Household Insurance. Let`s refine this information so you`re able to make an informed decision when it comes to selecting the right household insurance for you.

Standard vs. Non-Standard Household Insurance

Standard Household Insurance

Standard Household Insurance cover generally relates to the cover for your `standard` property, whether this be a flat or a 4 bedroom home, that you own. You also have the option to include contents and building cover for added security. This can often be beneficial for both your own protection and for your insurance quote. At Safely Insured, we offer discounts for combining both contents and building cover. These generally are products that you cannot get a quote for from aggregators or supermarkets as they do not fit their `standard` one size fits all model.

Building Insurance - This includes cover for permanent fixtures and fittings (for example, fitted kitchens) as well as the actual structure of the property.

Contents Insurance - This includes cover for the majority of the `removable` goods within your home. For example; televisions, computers or carpets.

Non-Standard Household Insurance

Many different property types fall into the category of `Non-Standard`. Here`s some examples of the various types of Insurance cover available with Safely Insured for such properties:

• Buy-To-Let
• Non-Standard Construction
• Unoccupied Property
• Second Home
• Subsidence
• Flood Risk
• Criminal Record
• Block of Flats

If your property falls into one of the above categories then it`s highly recommended that you look for Non-Standard Household Insurance Specialists, like Safely Insured, as opposed to Standard Household Insurance cover. At Safely Insured we will actually talk to you, find out your exact needs and advise of a policy that fits.

The Importance of Household Insurance

Needless to say, for most of us, our homes are our most valuable asset. Whether you live in a studio flat or an 8 bedroom mansion, protecting your investment is vital. You need to consider all aspects from security to flooding to accidental damage.

There are steps you can take to help reduce large premiums when it comes to this type of cover. Some of these include:

• Installing an approved alarm system
• Install and maintain smoke detectors and fire extinguishers
• Ensure secure locks are fitted to doors and windows
• Do not leave windows and doors unlocked without supervision
• Install a safe
• Insulate your water pipes

By taking the necessary precautions yourself, oh which will help to maximise the security and safety of your home, many insurers will offer you discounted premiums.

Are Insurance prices for Household Insurance rising or falling?

At the moment Household Insurance prices, for combined policies, are falling. Premiums are lower than they were this time last year and there are statistics to prove this. Figures taken from the ABI`s most recent `Quarterly Average Household Premium Tracker` reveal a 2% decrease in premium cost from the same period in 2014.

Within the same survey, `Buildings cover` only policies showed a 5.3% decrease from the same period in 2014, but they also reveal a 5.3% increase within the first quarter of 2015.

IPT

As of 1st November 2015 the standard rate of IPT (Insurers Premium Tax) will be rising from 6% to 9.5%, as announced in the Summer Budget 2015. This will have an effect on all insurance premiums across the board (not just for Household Insurance). For more information on the rise in IPT, you can visit the Government website.

So, what do you need to consider?

First of all you have to consider the level of cover that is right for your household, `Combined Buildings & Contents`, Buildings Only or Contents Only. Then, you will need to identify if your property is a Standard or Non-Standard Household risk. You can speak to one of our specialists to clarify this on 03303 331 255.

Secondly, you need to take into consideration all the factors which will help reduce your insurance premium. These factors include; taking the necessary security and safety precautions.

Thirdly, take into account all the costs involved with your insurance policy and make sure you budget for the increase in IPT should you require a policy to start after 1st November 2015.

For all your Household Insurance needs. Visit the Safely Insured website for more information.