Determining your insurance premiums

As with other insurance policies, the insurer will ask you a host of questions to determine your premium. They will ask about:

• Your occupancy at the property. Whether you are there in the daytime or out of the country for six months at a time can have a big impact on the cost of your policy.
• The security devices you have fitted.
• Your current employment.
• High profile public figures can suffer from higher than average premiums.
• Your past claims record.
• Your criminal record.
• Any other factor that the risk assessors in the insurance company feel may offer them an insight into whether you are likely to be making a claim in the future. One important factor is your postcode and the general level of claims in that area.

Make sure you disclose everything that is asked of you. Answer all questions to the best of your knowledge. Failure to do so is called nondisclosure and will nullify your policy in the event of a claim. Insurance companies are businesses not charities and will generally try to legitimately minimise the amount of money they pay out. One of the ways they do this is by checking all the details you disclosed when you took out the policy. If you falsified the information that you gave them, they have the right not to compensate you for your losses..