Advertisement. Post written in collaboration with Sainsbury’s Bank
Research by Sainsbury’s Bank Home Insurance found that 8.4 million renters don’t have home contents insurance. As someone who has always been quite risk averse that statistic brings me out in a cold sweat!
I have always had contents insurance in place. Even when I relied on my student loan (and the odd handout from my parents!) it was a priority. Yes, I had a lean budget and life wasn’t always easy. Yet I always remembered how I would never have been in a position financially to replace my belongings if they had been stolen or damaged. Whilst I could afford my monthly insurance premium which gave me much needed peace of mind. I would have been lost without my desktop. I had lots of essays to write for my management degree. Plus, there was never any space at the computer lab!
Spending Less on Home Insurance
People seem to have even more gadgets these days. So, it seems unwise to chance it by not purchasing adequate contents insurance. Rather than take a gamble by not having insurance, look at ways to bring the cost of your insurance down. If your house is in a neighbourhood watch area you might find your insurance is cheaper. It’s usually a question you find gets asked when applying so you know it will impact your premium. So, if you don’t have one in your area already you could consider setting one up. If you’re a home owner, you could also look at other security features you could install like an alarm system and motion detecting lights. It can also help having a barking dog like we do, but not everyone is ready to become a pet owner!
The Importance of Shopping Around
Of those who do have insurance its surprising how few actually shop around to make sure they have the best price and cover for their needs. Only 16% of those who rent and just slightly higher at 22% for homeowners! My husband and I are firm believers of putting in some research to find the best companies to use. Generally, we scour the Internet to find the cheapest deals. However, we do have brand loyalty if it’s a reliable brand like Sainsbury’s Bank that rewards its customers and offers very fair prices.
If you are a Nectar card holder you benefit from double points on your shopping and fuel when you take out a Sainsbury’s Bank contents insurance policy. 500+ brands are signed up to Nectar so it’s a good loyalty programme to be part of. You can buy yourself or the family a treat. I always remember how excited I was when I had my first free DVD (Lady in the Water) arrive thanks to my Nectar points! But since then the loyalty programme has come on a long way and has heaps of amazing offers.
Choose a Reliable Company
Once you have found a company that seems to offer a good deal you need to make sure its reputable. It can be difficult feeling confident in your decision but fortunately Defaqto, an independent financial research company, analyse products, so you can make better financial decisions. Sainsbury’s Bank’s Home Insurance has a 5-Star Rating. The company I used as a student only has a 1-Star Rating. So you see I believed their spiel when there were much better companies out there for me.
So, it’s not just about taking out an insurance policy you need to make sure it’s comprehensive enough for your needs!