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Payment Protection Insurance
In today`s challenging work environment and due to the global economic downturn, there is a real concern for many people regarding the security of their job with the threat of being made redundant ever increasing. The biggest fear for many is that they may struggle meet mortgage payments or pay other financial commitments should they be made redundant. As people try to protect themselves against loss of income, they may opt for cover in the form of the controversial Payment Protection Insurance (PPI). Payment Protection Insurance is there to cover you should you fall ill, have an accident so you are unable to work or lose your job. Although this type of insurance can offer you the necessary cover you require there have been many instances where people have been mis-sold the insurance cover. This had lead to complications when trying to claim against the policy and has also left people paying far more for their policy than they should. Following this, it has recently been announced that people who believe they have been mis-sold Payment Protection Insurance (PPI) have now been given extra time to take their cases to the Financial Services Ombudsman. This specifically applies to people who have had a complaint rejected by the firm that sold them the loan, meaning they now have upto six months to take their complaint to the Ombudsman. At its peak, nearly 150 people a day registered official complaints regarding PPI with almost a third of the total number of complaints relating directly to controversial insurance payment product.

Home security improvement:

All insurance companies will happily offer you a discount for burglar alarms and smoke detectors. Homes with fire and burglar alarms that communicate with a third party monitoring company receive a higher discount on their insurance premiums.

When possible, choose a higher deductible:

To reduce your premium, it is best advised to increase the deductible to the extent you can afford. Your home insurance premium will fall by as much as 20% if you increase the deductible from $200 to $1000.

Multiple insurance ? Same provider:

If you consolidate your home insurance and auto insurance with one insurance company, expect a premium reduction between 10 ? 15%. This also means you are making one payment for all your insurance needs. Consolidate and win.

Discount for non-smokers:

Some home insurance companies will offer a non-smoker discount to the tune of 15%. Check with your insurance company if they offer a non-smokers discount.

How far is the fire station?

If you live more than 5 miles from the nearest fire station and more than 1,000 feet from a fire hydrant, you can expect a higher premium. Also if you live in the country, you will probably pay higher insurance rate than if you were living in the city.

Type of construction:

The construction type of your home also plays an important role in determining your insurance premium. A wood frame home will cost more to insure than the one built mostly of concrete.

Claims free record and renewal discounts:

If you have not had a claim under your current home owners policy for the past 3-5 years, you will get a 15% discount on your premium. Expect additional discount if your policy has been in force with the same insurance company for 3 years or more.

Conclusion:

I am hopeful you have gained preliminary knowledge on the subject of home insurance premiums. With these helpful tips you will be able to understand and demand discounts on your home insurance premiums. Good Luck!

For more information about this article and/or the author visit http://www.sunshineinsuranceservices.com/

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