8 Easy Tips for Cheaper Home Insurance

No one likes paying for home insurance, but it’s a necessary evil for most of us. You don’t have to pay exorbitant amounts for it. Try these 8 easy tips for cheaper home insurance. See how much you can reduce your premiums by.

• Shop Around

By comparing prices from several insurance companies, you’ll probably be capable of reducing your premiums by a significant amount. This seems obvious. But, research has shown that a surprisingly large proportion of people either just renew their current policy. Many get only one or two quotes. Many insurance web sites will automatically compare dozens of policies for you. This feature makes it one of the easiest ways to reduce your insurance bill.

• Buy online

If you buy your policy online, you can often get a discount of up to 20% on normal prices. This is because there are fewer administration costs involved. The savings can be passed on to you.

• Combine your buildings and contents policies

Many insurers will give you a discount if you take out both types of home insurance with them. This usually works out cheaper than getting the two kinds of policies from different companies.

• Pay upfront

Although most insurers let you pay your premium in monthly installments, many will charge interest for this. If you can pay a full year’s premium in advance, you will save money in the long run.

• Don’t claim for small amounts

Making many small claims can increase your insurance costs. Your insurer can 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 claim for anything your policy covers. But, ask yourself if making a small claim is really worth the hassle. Consider the possible future costs.

• Voluntary excess

This is related to the last point. Insurance policies have something called ‘excess’. It 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.

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• Increase your home security

Enhancing your home security with better door locks and window locks can lead to lower premiums. Adding outdoor lighting and alarm systems can also help. Ask your insurer what you do to get extra discounts.

• Reduce your cover

Many policies feature benefits that you do not need. This includes cover for personal possessions while traveling. It also includes ‘free’ legal advice. Look through your policy. Find out what parts you really need. By cutting your cover down to size, you can reduce your premium.

Home insurance is a necessary expense for most of us. Yet, we don’t have to pay over the odds. Try these eight simple tips to see how you reduce your premiums.