How to Find Cheap Home Insurance?

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Guide To Finding Cheap Home Insurance

By Wajahat Raja
Wajahat Raja
Wajahat Raja Insurance Expert

Wajahat is an accomplished writer with a drive for finance and content creation. He has an MSc in Accounting and Finance from the University of Northampton. He has a keen interest in exploring a variety of topics like subjects insurance, private equity, and investment banking. His work demonstrates his passion for writing informational pieces which make him an asset in the field of finance

Expertise: Finance, Insurance, Home Insurance, Public Liability
from the MultiQuoteTime Editorial Team July 2023

Home is typically the biggest asset that a person owns. It not only safeguards you and your loved one’s well-being but also protects all your belongings. Therefore, when selecting the most affordable home insurance for your house, you should not compromise on factors such as customer support and the coverage provided. 

To ensure that, the best course of action is to get quotes from several home insurers and compare what they offer. Let’s look at the factors that one should consider while finalising the insurance plan for their home. In this way, you will be able to view competitive prices and customisable offers with the insurance coverage that best suits your needs.

Why do you need home insurance?

Home insurance is very useful in emergency situations, such as when there are major problems with the electrical system or water pipes. Interestingly, home insurance providers also help you when the house keys are lost. In such cases, the policy provides services such as sending an electrician, a blacksmith, or a plumber. 

In certain cases, home insurance also has an element of personal liability that can help you when there are serious disputes concerning the home and family life. There are many unforeseen events that may occur with your property. This may include the following:

  • Fires
  • Explosions
  • Floods

This is what home insurance is for. It compensates for damage caused by unpredictable events, relieving the owners of serious economic consequences. It is a modular product, customisable with a wide range of guarantees, and able to remove financial risks and worries.

How is the cost of home insurance determined?

The cost of a home insurance policy is strongly influenced by the following:

  • Type of property
  • Size of property
  • The commercial value of the property
  • Location of the property
  • Type and number of guarantees chosen by the customer
  • The insured value of the property

If, for example, the property is located in an area considered to be at high fire, hydrogeological or other risk, the premium will be higher because there is a greater risk of damage occurring. The same goes for the theft guarantee, added to other coverages if the house is in an area with a high crime rate.

What is covered in home insurance?

The insurance covers any damage to the property and the goods it contains caused by more or less serious events. It is important to know the coverages included in the home insurance because the policies are not all the same. There are comprehensive ones (multi-risk all, inclusive) and basic ones, which offer few indispensable guarantees. Besides considering your needs, you should also consider the risks that are found in your property.

How to find home insurance?

The first step in finding custom home insurance is identifying the right insurance company. The search is quite simple, the important thing is that you jointly consider the company's reliability, cost-effectiveness, and the offer of policies suited to your needs.

For a first screening, it is possible to use online review platforms, where you can find opinions on the services offered by the main insurance companies. The reviews make it possible to evaluate:

  • the quality of customer assistance
  • the conduct of the insurer in the crucial phases of the contract
  • the response to the request for compensation and liquidation of the damage

Do this for multiple home insurance services, and you can find the cheapest service. The ideal home insurance must be such, especially in terms of cost. Getting an overview of the average annual premium for your property is pretty easy. You can use the sites that compare several insurance companies, which, however, only process the estimates of their partners, or consult the companies websites. 

The reviews also give you an idea of the customer service and their responsiveness. Regardless of whether you’re searching for home insurance online or consulting with a licensed insurance agent, the following four points must always be considered:

  • Deciding what you want to cover
  • Determining your required sum insured
  • Choosing the company
  • Choosing the policy

Check Policy Exclusions & Limitations

Most if not all home insurance polices have a limit on how long a property can be left vacant and still have cover. With some providers, the policy will not cover any claims if the property has been left empty for 30 consecutive days. Special empty house insurance polices are available if your property will be left unoccupied for a significant period of time. A 30-day exclusion on a standard home insurance is in my opinion too short, so check this clause before deciding on your provider.

What is online home insurance?

Online home insurance allows you to request a quote in one click and calculates the premium immediately. On online insurance portals, just enter the municipality in which the property is located, its size, and a few other data to obtain an estimate of the cost. 

Other information needed to accurately calculate the premium is also the value of the property, the presence of claims in the last 5 years or the absence of claims, the location of the house (ground floor, second floor, access from the road, etc.), and so on. The data allows the company to assess the risks, estimate the cost of any damages and formulate the total price of the insurance.

Is home insurance customisable?

Normally, online home insurance is customisable. After requesting a quote, the company offers one or more inclusive packages of two, three, or even five different policies. At this point, you can accept one of the proposed packages or customise the insurance by modulating it according to your preferences and needs, adding one or more additional guarantees, choosing a different amount of ceiling, modifying the deductible, or resetting it (if granted).

Does home insurance policy include protection against fire?

The home insurance policy generally includes all damage to the walls and premises of the home deriving from events such as fires, explosions, electrical phenomena, and water leaks. In some contracts, however, the policy only includes the risk of fire and explosion in the strict sense, and, to protect yourself from other unforeseen events, separate policies must be activated. 

Sometimes the fire and explosion policy includes protection against damage from atmospheric events, vandalism, and socio-political events or from damage voluntarily caused by third parties during violent demonstrations, strikes, riots, or acts of terrorism.

Is there anything that home insurance doesn’t cover?

The company does not provide compensation, for example, if the damage was caused by willful misconduct by the insured person or his cohabitants, by nuclear or atomic accidents, and in other specific cases provided for by the insurance contract (i.e., the so-called compensation exclusions). 

Likewise, the insurance does not cover damages that exceed the maximum amount agreed or the portion of the damage that remains the responsibility of the insured as a deductible.

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*51% of consumers could save £201.06 on their Home Building & Contents Insurance. The saving was calculated by comparing the cheapest price found with the average of the next
fourteen cheapest prices quoted by insurance providers on Seopa Ltd’s insurance comparison website. This is based on representative cost savings from January 2024. The savings you could achieve are dependent on your individual circumstances.

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