No one likes paying for home insurance, but it’s a necessary evil for most of us. This doesn’t mean you have to pay through the nose for it though; try these 8 easy tips for cheaper home insurance and see how much you could reduce your premiums by.
By comparing prices from several insurance companies, you’ll probably be able to reduce your premiums by a substantial amount. This may seem obvious, but research has shown that a surprisingly large proportion of people either just renew their current policy or get only one or two quotes. Many insurance Web sites will automatically compare dozens of policies for you, making this one of the easiest ways to reduce your insurance bill.
When you buy your policy online, you can often save up to 20% off the standard price because there are fewer administrative costs involved, and the savings can be passed on to you.
– Combine your policies for buildings and contents.
Many insurers will give you a discount if you take out both types of home insurance with them, and this usually works out cheaper than getting the two kinds of policies from different companies.
Pay in advance
Although most insurers allow you to pay your premiums in monthly installments, many will charge you interest.If you can afford to pay a full year’s premium in advance, then this will work out cheaper in the long run.
– Do not file a claim for a small sum.
Making many small claims can increase your insurance costs, as your insurer may see you as a greater risk and increase your premiums. You will also lose any no-claims discount your policy has. Of course, you’re entitled to make a claim for anything your policy covers, but ask yourself if making a small claim is really worth the hassle and possible future costs.
This is related to the last point. Insurance policies feature something known as “excess feature something known as “excess,” which basically means that the policy won’t pay out on claims below a certain value. On some policies, if you choose to raise your excess to a higher level, then your premiums will be lower.
– Improve your home’s security.
Beefing up your home security with better door locks, window locks, outdoor lighting, and alarm systems can all result in lower premiums. Ask your insurer what you can do to get extra discounts.
Reduce the size of your cover
Many policies feature benefits that you might not need, such as cover for personal possessions while traveling or “free” legal advice. Look through your policy and see what parts of it you really need; by cutting your cover down to size, you may be able to reduce your premium.
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