Home insurance is essential if you don’t want to end up left in the lurch after a break in or natural disaster. Nobody thinks these things will ever happen to them, but the sad truth is that they do. They can happen to anybody at any time. Don’t leave your fate to chance and make sure you’re protected with a suitable home insurance policy. But how can you make sure you’re not paying too much on your premiums? Take these simple steps:
Shop around. When it’s time to renew your home insurance, don’t just go with your old provider for simplicity. Shop around for a better price and see if they will beat it. If they won’t, then move. It won’t be as much hassle as you think.
Pay a Higher Excess
If you can afford it, pay a higher excess. A high excess will lower your premiums, but you need to be prepared to pay that amount should anything happen. Be realistic and sensible!
Don’t Over Insure
It’s easier than you think to over insure your home. Make sure you get yours right by giving an accurate total of the value of contents in your property that you want insured. Don’t guess; this could lead you to pay more! Some people also end up over insuring as they don’t realise they only need to cover the cost of the property’s re-build, which is cheaper than the actual purchase cost.
Which is Best: Combined or Separate?
Buildings and contents insurance can be purchased together or separately. In some cases, taking out a combined policy can be cheaper. In others, having them separate could be better. Make sure you do your research on both techniques to work out which is most beneficial to you.
Pay Up Front
In many cases, paying up front is much cheaper than paying in installments. Interest is sometimes added on when you pay in installments, so you can make bigger savings if you can fork out the cash all at once.
Build Up Your No Claims
Try not to claim if you can help it, and build up a no claims bonus. This should gradually help to reduce your premiums as time goes on. Don’t be one of those people who claims for every tiny thing!
Install Safety Features
There are many safety features you can install that will lower your premiums. Homeowners insurance costs are climbing because they aren’t bothering to do this kind of thing.The safer your house is, the better! Here are some ideas:
- Fire proof your home with alarms and extinguishers.
- Install a safe to keep valuables.
- Install alarms.
- Make sure your doors are in good condition.
- Fit high quality locks to both doors and windows.
- Join a neighborhood watch plan.
- Stay visible by cutting down trees that could shield the view of your house from the street.
If you take these steps, you’ll end up paying considerably less for your home insurance cover. Make sure it covers you for everything you need though so you don’t get left in the lurch. It should be good value for money, not just cheap!