reduce the cost of home insurance


How to reduce the cost of home insurance

How to reduce the cost of home insurance

Looking to save pennies on your home insurance? Here's how you can save money on your new or existing policy.

If you want to save on your home insurance, there are a number of steps you can take to make sure you aren't paying more than the odds.

Take a look at our money-saving tips for finding cheap home insurance and lowering your existing home insurance policy.

Finding cheaper home insurance

- Don't just go with your mortgage provider - people tend to get home insurance with their mortgage provider for convenience but there are often cheaper deals available if you shop around.

- Increasing your surplus - Voluntarily paying a higher surplus on any claims you usually get a deduction from your insurance company. It's worth noting that a higher increase means a higher cost for you if you file a claim.

- Do not over-insurance - do not guess when insuring. Give an accurate total value of your content.

The same goes for building insurance. You only need to ensure the cost of rebuilding your property, which is likely to be much less than its purchase value.

- Explore all coverage options - most people who own their homes choose a common policy, covering both building and contents insurance, with the same provider. This may often be the easiest and cheapest option.

However, you can sometimes get a better deal by getting building insurance with a provider and other content. The downside to this is that you have two separate renewals to manage them.

- Be realistic about the coverage you need - you often get what you pay for, and being honest about the policy extensions you need can save you money.

For example, if you live in an upstairs apartment, having an excessive garden cover might be overkill. Be realistic about the insurance coverage you need but not lack, you will end up paying for it later if you have to file a claim.

- Pay annually - Paying in monthly installments can be convenient but is always more expensive as insurance companies tend to charge additional administration fees in addition to your premium.

- Build a no claims discount - if you don't file any claims, you will usually get a no claims discount on your policy. Additionally, as with all types of insurance, if you have a history of filing claims, this could lead to higher insurance premiums.

Reduce the cost of your current policy

Insurance companies usually ask questions about your property in order to find out the risks of filing a claim on your home insurance policy, which affects the cost of your insurance.

Here are some common safety and maintenance tips to reduce your premium:

- Install an anti-theft alarm - Insurance companies usually want to know if you have an anti-theft alarm, and some may offer a discount if you have an alarm.

- Fit Safe Locks - Making sure all windows and doors have the correct locks should be on your to-do list as you may struggle to get affordable home insurance if you don't.

- Install a safe - Many insurance companies charge extra to secure high-value items. Locking expensive jewelry in a sturdy locker can offset the extra home insurance cost.

- Join the Neighborhood Watch - Not only will you have more people searching for your home, but some insurance companies offer a discount if you're a member.

- Reduce the time your home is left vacant on an ongoing basis - Leaving your home empty for extended periods of time can increase the likelihood of theft or errors like exploding tubes if they are not used often.

- Protecting your home from fire - Installing smoke alarms throughout your home is not only general safety advice, but it may also reduce your home's insurance premium.

- Water pipe insulation - frozen pipes can spell disaster. When water melts, your property, inside and out, could be exposed to a flood. Pipe insulation may spare you from flood damage, the cost of a plumber, and a higher insurance bill.

- Protect your home from potential floods - Living in a flood-prone area can make it difficult to get home insurance, especially if you had a previous flood claim

But protecting your home from flooding before it strikes may reduce your chances of making a claim. It can also increase your chances of getting a better deal on your home insurance.

- Removing tall trees - having tall trees (more than 10 meters) next to your home can increase your premium because it increases the risk of falling or sweating. By removing these trees or choosing about trees planted near your home, it can lower your premium in the long run.

- DIY SOS - Maintaining your home is not only a requirement of your home insurance policy but one that needs to be done from time to time.

When considering a big job, always ask yourself if you will be able to do the job. DIY disasters have been responsible for many insurance claims and it will spoil your day and reward no claims!

No comments
Post a Comment

Post a Comment


كود التفعيل