Ten Tips for buying Home and Contents Insurance

1. Is it the policy new for old?
When your personal possessions are lost or stolen or damaged, most home and contents policies will pay for a new one to replace the old, at its current purchase value. Ensure that your proposed policy is a "new for old" policy.

2. What is the policy's excess?
You can volunteer to pay more towards the cost of a claim. This will in turn bring down the price of your premiums. Don't agree to too high an excess, you may not be able to afford to claim!

3. What level of cover do you receive for accidental damage?
Have you ever knocked over an expensive vase or antique? If you have, you'll know that possessions can easily be damaged accidentally. The cover does vary between policies so check it out.

4. Will I have to pay a larger premium to insure my bike?
A bicycle is one of the most likely items to be stolen from your home and it's so easy to transport! To reflect this many home insurance companies will often ask you to pay an extra premium to get it covered.

5. Is the food in my freezer covered against power failure or breakage?
The total cost of the food in your freezer can easily add up to more than £150. Check out the cover provided by your policy and, if necessary, get it increased.

6. Is any Business equipment covered?
Usually any equipment you use for business purposes needs to be insured separately from your personal possessions. Business equipment can often be hi-tech and expensive to replace and some home insurance companies see business equipment as an extra risk.

7. Are my contents covered if I have a burst mains pipe?
Some policies cover this as standard whereas some require additional premiums. Check with your policy documents.

8. Is my wifes jewellery covered?
Jewellery can easily exceed the maximum claim value for individual items. Contents Insurance often insists that you pay an additional premium to cover high value items.

9. Are the belongings I take away abroad, insured?
Check this on you policy. If the belongings you take abroad with you are covered by your Contents Insurance, then you'll need less travel insurance.

10. Can I get a discount for buying contents and buildings insurance from the same insurer and is it possible to get a no claims discount?
You would be well advised to buy a combined Home and Contents policy. There are two reasons: Sometimes you can get a reduced premium for buying both insurances together. Secondly and more importantly, if everything is insured by one company, there is no scope for arguement as to which insurance company pays for the damage. For example, consider the sort of damage that a burst in the roof could cause: a collapsed ceiling, damage to fitted furniture, decorations, carpets, televisions and other free standing furniture. It's far less hassle if you are dealing with one insurance company.

Also check out whether you can claim a no claims discount. If you have built up a good claim-free history, the discounts can be very worth while.

Uk Home Insurance from LloydsInsuranceUnderwriting.co.uk