The Inside Edge
Could you be saving money on your home insurance premiums? The answer is usually, yes! Home insurance premiums have risen over recent years, but with a little organisation and know-how you can reduce these premiums dramatically.
The first thing you need to do is shop around for other deals. This will give you an idea of what you would be paying on a like for like policy. If you have been with your current insurer for a long time, it’s always good to shop around. Loyalty doesn’t count for much in the insurance game and most insurers will offer the best deals to new customers. Renewing your policy with another company could save you money automatically.
Did you know that insurers may have had bad experience with your post code whilst others may not? Shopping around really does pay and you’ll be amazed at the difference in insurance premiums between companies.
Increasing Your Excess
If you can afford to pay a higher excess on any claims you can usually get a discount from your insurer although you must always remember you will need to cover a higher excess cost in the event of any claim.
Try Not to Over Insure
This is a mistake that many people make. Try to give an accurate total of the value of your home contents. Guesstimating could mean you are paying higher contents insurance payments. This also applies to buildings insurance – you need only insure for the cost of rebuilding your property.
Don’t Use Your Mortgage Provider
When you take out a mortgage, your lender will no doubt try to sell you their own contents and buildings insurance. Don’t take it! Unless there is a specific tie-in with your mortgage, you are not obliged to take their insurance and you can always get a better quote elsewhere.
Separate or Combined Insurance?
Taking combined contents and buildings insurance can usually net you a good deal. However, it can also pay to shop around for separate policies too so use one of the many insurance comparison websites to see what is right for you and your situation.
Paying Up Front
Sometimes it’s much cheaper to pay your insurance off in one lump sum each year rather than monthly instalments so get a quote for both.
The State of Your Home
This is a big one and will determine how much you will be paying each month. Making a few improvements to safety and security around the home could reduce your premiums significantly. Fire-proofing your home with smoke alarms and fire extinguishers is one way to do this. You should also fit secure locks to doors and windows and install a burglar alarm. The installation of a safe and membership of a Neighbourhood Watch scheme can also reduce your monthly payments so it’s worth asking your insurance company about this during the application process.
Many home insurance companies will give you good guidance when it comes to reducing your premiums. After all, a safe and secure home will be less prone to theft or damage and therefore represents a good prospect for the insurer. Shopping around, making a few slight adjustments inside your home and assessing the value of contents and your home correctly will ensure you get a good deal.
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