An Alternative Approach to Home Insurance

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An Alternative Approach to Home Insurance

 
When you work in the industry, and your professional life involves dealing with other folk’s homes, it can be easy to forget to take care of business back home. Just as it is important to have professional liability insurance for your working life, we all go out and earn to provide for our home life, and protecting the home and its contents with the right insurance cover is just as important. You may well think that this is preaching to the converted, but the cost of home insurance can vary wildly depending on who provides your cover; here are a few points to consider.

The first thing to ponder may well be whether you need a home insurance premium at all. At this point, we should perhaps distinguish between buildings and contents insurance. Buildings insurance is pretty much always a good idea, given the fact that it covers the dread scenario of the loss of your home through disaster. Contents insurance, on the other hand, is a far less certain necessity – your personal circumstances, and the type and value of the belongings that you own being crucial in this consideration. You should perhaps ask yourself the question: what would it take to replace all my belongings in the event of a fire?

One option can be to put aside perhaps a few hundred dollars a month in a special savings account, instead of paying a monthly premium to an insurer. The benefit of this is that hopefully, you will not be unlucky enough to need to replace your possessions, and instead of simply paying out money to the insurer, you will be building up a useful lump sum as the years go by.

However, this strategy will of course require your luck to hold out for quite a few years before the savings amount to enough to cover potential losses, and is therefore a pretty risky plan. This strategy can be adapted to reduce the risk by taking out a home insurance policy with a high voluntary excess in conjunction with your regular saving plan. Home insurance policies with a high voluntary excess from providers like Legal & General can be picked up fairly inexpensively, and this way you need only have enough savings to cover the excess to ensure that you have the peace of mind to know that your home is protected while you are busy out working for a living. Visit the Legal & General website for quotes on home insurance.

Addressing your company debt during the recession: www.legalandgeneral.com/insurance/home-insurance/
 
 
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