Key points about home insurance

Calculating the value of your possessions

Try to accurately estimate the value of your possessions, otherwise you risk under - or over insuring. If you underinsure an item you will normally get a reduced payout on your claim. Over insure and you will needlessly increase the price of  your insurance cover. 

Getting the right excess level

The excess is the amount of each claim you have to pay yourself. The higher the excess the lower the premium. For some cover, such as subsidence, the excess, could be as high as £1,000 - £5,000 depending upon the insurer, so make sure you read the terms and conditions

Extended absence from your home

Remember to tell your insurer if you are going to be away from home for more than a month and be prepared to have to pay a small extra premium for an extended absence with some insurers. Most insurers won't cover your property if you are away from home for more than 30 consecutive days at a time, unless you inform them in advance and pay any additional premium required. 

Home security

A burglar alarm, extra security fittings and membership of a Neighbourhood Watch Scheme may give you a discount on your premium.

No claims discount protection

Your No Claims Discount can be protected for a small extra premium by buying 'no claims discount protection'. This will maintain your No Claims Discount status, even if you have to make a claim.