Limiting Your Risk

By Author: Chris Kouton
Total Articles: 10
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More often than not the most valuable item that people own (or part own) is their house. That is why it is so important to make sure that you have a comprehensive home insurance policy that will give you financial cover should something unexpected or untoward happen. In the current economic climate insurance policies can seem like quite an expense, but there are always things that you can do to reduce your costs.

The major thing to bear in mind is that insurance is based on risk. The insurance company works out the likelihood of them having to pay out, and this is calculated on the risk to which your house is exposed. Anything that you can think of that may reduce this risk might save on your insurance premium and if you're not sure ask your provider. Something as simple as having a dog, or having someone working from home can save you money.

One of the major threats to your property is through theft. Therefore if you make your house more secure then you will save money on your insurance premiums. Insurance companies generally have a standard security level that they expect locks to meet, and a list of tradesmen ...
... whom they consider qualified to do any work. Something as simple as changing your locks can save you money.

One of the things that you can do is make sure that the impact of such extreme weather is reduced. Make sure that your drainage is as good as possible and that you have hard floors downstairs so if you are flooded the damage is limited.

Similarly if you have a good intruder alarm you can save as much as 15% a year on your home insurance premium. Whilst it can be expensive up front, it's the kind of investment that will be paid back over the course of a year or two.

Another thing that you can do is make sure that you have smoke alarms that meet the insurance industry standard. As the value of people's possessions continues to rise the cost of domestic fires rises with it and this makes insurance premiums go up. If you have good smoke detectors you may, therefore, save money on your home insurance.

If you live in an area that is exposed to extreme weather conditions you may well find that your home insurance is quite expensive to begin with, whilst there isn't a whole lot you can do about this there are things that you can to reduce your policy.

Things that you should consider are moving electrical points above any reasonable flood level, replacing MDF kitchen units with plastic equivalents, and replacing carpeted and wooden floors with concrete, tiles and linoleum. If you live in an area with high winds make sure you garden furnishings are properly bolted down and that your roof is in a good state of repair.

Any changes that you do make, however, should be done following consultation with your insurance company. There is no point making sweeping changes to your property if you then later find that you haven't actually saved any money on your home insurance.

If you are considering getting a new home insurance policy, try Co-Operative Insurance for good value policies.

Make sure you have the right home insurance policy with The Co-Operative Insurance.