If you wanted to cut back the amount of money you are spending on home insurance fees, there are quite a few ways to do so from getting new quotes to changing your security. The lowest price should be your main focus so don’t sit on a plan just because you’ve had it for a while. Here’s what we found that you can try to reduce your premiums:
Cash saving tips
Combination Coverage
Sometimes you can get a much better rate if you combine the insurance plan for the building along with the plan for the contents of the building. Another idea is to try getting both plans with the same company as they could often allow for a multi-plan discount. You want to check to see what the plans run separately too just to confirm that your bundled coverage is still the best option for your pocket.
Skip the Extras
Take a look at your policy and see exactly what items you’re paying for. Maybe you don’t even need them anymore. You could save money simply getting a basic policy without the frills and cut out extras such as accidental damage coverage. Something like that could reduce your payout by around 20%. However, think carefully before deciding whether to take anything from your policy that you might well need.
Don’t Pay Monthly
I know it’s easier to manage a month to month premium payment, but in most cases, you will save a good amount on the annual premium by making that payment in full for the year.
Increase your excess
A general rule of thumb is the higher your voluntary excess, the lower your home insurance plan will cost you in general. So if you can afford to spend a little bit more when or if you have a need to use your policy, then you could bump up your voluntary excess and save your money from month to month.
No claims discount
If you can manage not to file any claims, over time you will build up a nice discount. After a few years you could be getting almost 50% off with this discount alone.
Pay out of pocket
Think before you make a claim. If it’s the kind of thing that you can take care of yourself you probably should. Not only will filing that claim reduce or cancel your no claims discount, but it could raise your premiums in general. Think about the long term results of the claim before deciding what to do.
Get the neighbourhood involved
Joining a neighbourhood watch could reduce your premiums by around 5%. Plus the extra familiar and friendly security will give you more peace of mind in the long run.
Simple Prevention
Defective electronic devices result in around 7,000 house fires across the country each year. With that being the case, it’s a good idea to make sure you have smoke alarms throughout your property and check them regularly for proper functionality. Burst water pipes rank in the top of the list of reasons for home insurance claims. Proper insulation in the colder months is a smart way to prevent a insurance claim worthy problem.
