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The Average Cost of Home Insurance: Is it a small price for big peace of mind?

The average cost of home insurance is just £297 a year according to the Association of British Insurers. Just £5.71 a week, it’s little more than the cost of two cappuccinos. But this small price can pay out big if your home or its contents are damaged by fire or flood or if you are the victim of burglars.

Burglary is becoming more common. According to the Office for National Statistics, there were 650,000 burglaries last year, an increase of 3% from the year before. Extreme weather conditions are also on the rise. We’ve all watch the impact of devastating floods across the UK, and hundreds of thousands of us have relied on our home insurance to come to our financial rescue.

Do I have to have home insurance?

If you have a mortgage, it’s likely that buildings insurance is a compulsory part of your agreement with your lender. This is the part that pays out if your home is structurally damaged in any way. But although the average house contents are worth £25,857 a whopping one in five of us Brits admit that we don’t have insurance.

Why take the risk?

On average, it’s only £34 more to add contents to your buildings insurance. So why do so many of us throw caution to the wind and go without? If you’ve always thought that contents insurance would be too expensive, get a quote now. You may be surprised by how little it costs.

Why do I need home insurance?

Imagine the worst happens, and your home is completely destroyed by fire. Then think about how you will pay to rebuild your home and replace all your contents. That should make it clear enough why taking out home insurance makes sense.

If you don’t think your contents are worth much you should probably think again. Most of us underestimate the cost of replacing all our belongings. Take a few minutes to jot down everything you own. Do this room by room, not forgetting things like your bed, clothes, and tech such as your TV and iPad. Then work out how much it all costs. You may get a shock at just how much it all comes to.

What else can home insurance cover?

Your home insurance can also give you extra reassurance. If you include legal cover, you’re financially protected if anyone makes a claim against you for injury or damage because of an accident in your home or garden. You can also opt for accidental damage cover, that will pay for replacements if you, or a pet, damages any of your contents.

Do I need home insurance if I rent my home?

If you rent your home, your landlord will take out buildings insurance. But you will be responsible for taking out contents insurance. If you don’t, and something happens, you will have to find the money to pay for any replacements yourself.

How to get a great value deal on your home insurance

Here are our top tips on getting the best value deal on your home insurance:

  • Buy your buildings and contents insurance together to save money
  • Look for home insurance that can be tailored to your specific situation. If you do that, you won’t be paying out for cover on things you won’t need. For example, don’t pay over the odds for a policy that includes cover for bikes in a shed if you don’t have any
  • If your contents are worth a lot, you may find that opting for a policy with an unlimited value specified is better for you
  • If you have individual high-value items, such as engagement rings or bikes, it can sometimes be cheaper to insure these separately. Speak to your broker for advice
  • Tell your insurer if you have invested in additional security measures like CCTV. These could earn you a discount
  • Get as many quotes as you can so you can check you’re getting the best price. Comparison websites can be useful, but watch out for limits or exclusions in the small print or you may get a nasty shock if you do need to make a claim.

Let us shop around for the best price on home insurance you can count on

When you call Easy2Insure you’ll speak to insurance experts. Part of the respected Park Insurance group, we have 30 years experience helping our customers to get the best price on home insurance that doesn’t have any nasty surprises in the small print. We’re independent, so we’re not tied to the insurance products offered by just one insurance company. When you ask us for a free quote we’ll call round a large number of insurance companies and use our bargaining power to secure discounts on quality cover for you. Call us now on 0800 917 9522 or get in touch.