Home insurance protects your home against unexpected events like fire, natural disasters, vandalism, theft etc. The insurance coverage is dependent upon the value of your home and its contents. The location, construction, quality and the level of security of your home will determine the premium rate.
It is essential that your home is insured, without it you risk incurring large financial costs should you become a victim of robbery, or a natural disaster. Homeowners are often put off by home insurance, seeing it as another expense to add to the list. If you want your home to be safe, but want to keep your costs low, read on to find out how to save money on home insurance.
Homeowners tend to purchase home insurance from their mortgage provider out of convenience. If you shop around, you are more than likely to find a cheaper deal.
Increase your excess:
By volunteering to pay a higher excess, you are more likely to get a discount on your monthly payments. However, you will need to bear in mind that a higher excess means that you will have to pay more if you ever have to make a claim.
A combined policy covers both contents and building insurance; however, your insurance is often cheaper if you take out your contents and building insurance with different providers.
Don’t allow companies to oversell:
Before you take out your home insurance, be sure to take note of exactly what you will need insurance for. Some companies will try and sell you extras that you simply don’t need.
You can lower your premium by having adequate security in your home. By installing a burglar alarm, and having the secure locks fitted to your windows and doors, you will get a reduction on your premium.
Install a safe:
If you own high value items such as expensive jewellery, home insurance companies will charge you extra to insure them. By installing a good safe in your home, you can avoid paying extra for such items.
By taking the time out to conduct some research you can save a substantial amount of money in this area.