Whats most important about Home Insurance - Price or Cover?

Question

Do you think it is better to go for an unlimited more expensive policy or a specified policy with limits if it is cheaper?

Answer 1

Unlimited

Answer 2

Cover of course, price doesn't guarantee everything, Check what exactly the specified policy gives you and decide if the cover and limits are sufficient. If you think it is adequate then go ahead and take it, why pay more because at the end of the day, the insurance company will not pay out any more than your house is worth even if is unlimited cover!!
Just make sure you check the cover, whether standard or accidental damage, the excess, the limits (eg the value of high risk items like paintings, jewellery etc). Most specified policies with regard to contents insurance are bedroom rated, the amount covered and the price you pay depends on the no of bedrooms you have, the cover is normally sufficient. Hope this helps

Answer 3

All policies have limits on them, so I'm not exactly sure what you mean. The best home insurance policy should cover your contents at replacement value (which costs more than book value) and cover the cost of rebuilding/repairing your house should things go wrong.

Where things start to get more expensive is if you live in an area with earthquakes (expensive and not worth getting) or floods (usually a separate policy). It may be cheaper if you stumble upon a company that would not cover you for things like pipes bursting, etc.

If you are a risk taker, you can usually get a higher deductible to save money. But you never get something for nothing from insurance companies. If one company is cheaper, you are getting less- what is that difference and do you care?

Answer 4

It depends - some cheap policies have better scope of cover than expensive policies. You need to read what's covered & what's not covered beforehand. Ideally you want an new for old policy that will cover the cost of replacing everything in your house in the event of a fire! Accidental damage is a good extension to a standard policy too but is usually subject to a higher policy excess. You could also get an expensive policy cheaper if you increase the amount of voluntary excess!

Answer 5

Coverage is most important. Insurance is all about claims - I've never heard a single complaint at claims time, that the insured paid too much for the policy.

Now ask me how many times I've heard that they wished they had broader coverage . . .

Answer 6

Thats a hard one. I got insurance a few months ago and I went with price. I live in a wooden house and most insurers would touch me with a 10 foot barge pole!! so I ended up taking the one with the best price but it did have the lowest cover. I think it depends on why you want insurance.

Answer 7

You insure your goods for what they are worth (new for old) etc. So if your entire contents are only worth £15,000 why pay for £30,000 worth of cover (lots of people do). A policy that fits your needs is what you want, not cheap, not expensive, but sufficient. Lots of people over-insure their contents - why - the company will not pay out for goods unless you can prove their worth. Spend only what you need to my dear on what you really have.

Answer 8

definatley the coverages. broader coverage means broader protection. many more types of losses covered rather than your basic fire policy. Of course you could always purchase an umbrella to cover above and beyond your home/auto policy.

Answer 9

Neither look for a big name co. that has a good reputation, youll get better service and faster payouts and they will help you get the right coverage you need.

Answer 10

Your house has just been destroyed. Which is more important to you now. This is the only time it really matters.