subject: Home Insurance - A Fool And His Money Are Soon Parted [print this page] A fool and his money are soon partedA fool and his money are soon parted. How many times have we seen this written somewhere, or heard someone say it. The fact is though, it's true, and particularly when it comes to insurance. So many people flick through the yellow pages and once they get to the section where all the insurance companies are listed, they phone the first one which takes their fancy, and then that's it.
Once the forms arrive in the mail, they have a quick read through the policy before signing on the dotted line, and then they go about their lives believing they got a great deal, and that they have nothing to worry about any longer.
With hundreds, if not thousands, of insurance companies operating in the UK, how could anyone be sure they have the best deal if they haven't even compared prices? In fact, if you buy home insurance from any company before you've had at least ten quotes from different companies, you almost certainly won't have a good deal.
Also, as briefly mentioned above, many people simply fail to study their policy properly before agreeing to the terms and conditions. This is almost incomprehensible, considering just how much is at stake. These are the same people who get so irate when the insurance company rejects a claim. The truth is however, they should have read the policy first. If they had, they wouldn't end up feeling bitterly disappointed.
When you rush into accepting the first offer you come across, you also tend to overlook the fact that there are several things one can do in order to qualify for reduced rates and special discounts. In a perfect world, insurance salesmen would explain all this to you, but unfortunately, we don't live in a perfect world. It's only by doing some research that you'll start discovering all the secrets for finding cheap home insurance.
For example, will the broker or the company representative tell you that you could save so much or so much if you go ahead and install a fire alarm first? Will they even mention the fact that you can have your rates reduced if you have smoke detectors installed? Sure, they ask if you have these things in your home, but they don't explain why.
Purchasing insurance for you home is serious business because nobody can ever really be certain that they won't be on the receiving end of a disaster. Having proper cover in place is not going to keep your home out of harms way, but it does mean you'll be able to repair damages, or to rebuild from scratch if that's what it takes. Also, if you opt to have contents insurance included in your policy, you'll have the added benefit of knowing all your belonging are also covered, so if a fire did break out, or if you do ever get broken into, your insurance company will pay for your belongings to be replaced.
No, home insurance is not a legal requirement, and if your home has already been paid for, nobody can make you take out cover, but, do you really think it's wise to take a chance?
by: Tom Jones
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