For those who have an existing house, see that your home fire system is up to date. Your fire alarms, smoke detectors and extinguishers should be new and in good working condition as this will help bring down the rate of your premiums.

Your security alarm system must be efficient and good as this too brings down the rates you pay and it is advantageous if you are residing near a police station. The next best thing to do is try your best to have all your insurance polices with one company.

Giving up smoking is what you must think of doing next. There are many support groups that will help you give up your smoking habit. A lot of long term smokers have been successful in giving up smoking. All these factors have a positive impact on the rates as they bring down the possibility of you making a claim. If you adhere to the essential requisites of home owners insurance than you can save much more on your premiums, so go through different home owners insurance policies and find the best quote to suit your financial needs.

You can find insurances companies that will cover your vacant property. Not every insurance company is willing to take on a vacant property though, as there is no one on the premises to check local vandals or squatters, which is another risk factor. Unless, you run frequent checks, it is easy for squatters to live inside the house quietly, and they can really cause great destruction to your fittings if left unchecked for long periods of time.

There are times when a property becomes unoccupied, and is in need of Vacant Property Insurance. Perhaps a relative passed away and the property is lying vacant until the estate is settled. The property could have changed hands and is in the process of being renovated. The property is to be sold and is lying vacant for the time being. Maybe you own a holiday home, and use it only on vacations.

You can find insurance companies who will insure your vacant property and you can lessen the premiums by being more vigilant yourself. The electricity connections should be turned off as well as the water supply. Ensure that there is no mail being received at the address, as huge piles of mail are a fire risk. Seal off the letterboxes, if possible.

Keep surrounding areas clear of junk, another fire hazard. Run a check on the property every week to ten days, and replace any broken windowpanes, door handles, latches, etc.

Perhaps a neighbor can keep an eye on your property for you, or you can hire someone to run frequent checks if you do not live close enough to the property yourself.

Insurance usually covers damage from fire, water, natural disasters (wind, rain, hail, storms, etc) and vandalism. You will know the risks that your property faces, due to its particular location and can select whether you would like to have the property fully covered, or covered in only a few instances (for example, storms, if the property lies in a coastal area). The coverage will need to be specific to your particular situation, and of course, the better your own care of the property, the lower the premium and the more willing the insurance company to cover you.

Most insurance companies have websites today, and their rates and covers do differ, so it is to your advantage to do your homework. You can do the research easily from your computer, identifying companies that provide Vacant Property Insurance, and then comparing quotes as well as their individual terms and conditions. There are also companies that specialize in covering assets, so your internet search will definitely bear fruit.

This is where you need to read the fine print, before you commit to the extra payments. You could be in for a very rude shock some day if you skip this part, because there are quite a few conditions where you are NOT covered.

Lets look at a few of these situations where payments are not covered:

Illness/Accident:
If you fall ill, or suffer an injury, the insurer will contact your GP. *Now if it is discovered that you had been ill or injured in the same way earlier, then this becomes a “pre-existing condition” and the payment will not be made. *If your medical ailments are stress-related, (backaches, allergies, or the like), these are termed “psychosomatic”, the implication being that it is self-induced and payments are not made, even if your doctor is willing to certify your illness. *You have a long-term “chronic” ailment, with a very low chance of recovery. *Maternity leave – unless there is a serious medical emergency certified by a registered obstetric specialist.

Unemployment:
During the first year of your cover, unemployment will not receive payments, unless you have worked continuously for 6 months prior to the unemployment. Also, there is a usually a 30 day waiting period for 12 month policies and a 60 day waiting period for 24 month policies. If neither of these suits you, you may have to find one that will count back to day one at the end of the 30 or 60 days, and make the full payment.
If it is proved that you knew about a possible redundancy, or the likelihood of being fired for any reason prior to taking the mortgage protection insurance, then the claim will not be paid out.

If you work on the basis of a contract, then you should have been employed by the same company for the last 2 years or for at least a year, with your contract having been renewed at least once. If this is not the case, then your job will be deemed “temporary” and no claim will be entertained, should you become unemployed.

If you are fired from your job for any reason or you quit yourself, then there will be no cover either.

If you are self-employed and you voluntarily shut down your business, no claim will be paid. If you lose your business due to factors outside your control, you must inform your Inland Revenue office before you make your claim.

So as you can see, there are many instances where your claims may not be paid, even though you have been paying your premiums. Terms and conditions differ from company to company, so it would be to your advantage to take advice from an agent or broker who is experienced in reading the fine print, to help you identify the policy that best suits your particular situation.

While seeking a policy check with your lender, find a policy that will help you make a wide range of payments. In case you suffer an income loss, your mortgage will not suffer. Choose a policy that will help you make all your payments with ease. It is important to do so in order to avoid any grave consequences on your regular payments that need to be maintained.

Home insurance is one such payment that needs to be paid without default. You may be in deep trouble if your home and content insurance that is the basic requisite of mortgage is not paid on time. Make sure that this payment is covered by the lender. If your home has been a victim fire or flood you could loose your security. If you are going through a rough patch and do not have a regular and fixed income then losing the ‘Content’ that is your belongings either through burglary, fire or flood may be very disappointing.

Mortgage life insurance is essential to help your family from being homeless when for some reason you are unable to repay mortgage or in the event of death. It is essential to involve this in mortgage protection insurance.

An endowment policy or any other investment plan that will help you pay off your mortgage capital can be clubbed with your mortgage protection insurance. If by choice you do not put it together then it will only help in payments of your interest. If at any point your investment policy has failed then you lose your home and will have to pay a very high cost at the end of the mortgage.

Get yourself a mortgage protection insurance policy that is flawless and well equipped to deal with any short comings. If the policy is good enough to cover all your payments then do not hesitate to pay high premiums. You may be at the risk of losing your home even if your mortgage payments are covered.