Most of us need home insurance, but that doesn't mean we have to pay more than we have to. Try out these eight easy tips to see if they can help you lower your insurance premiums.
No one likes to pay for home insurance, but most of us have to do it. This doesn't mean you have to pay through the nose for it, though. Try these 8 easy tips for cheaper home insurance and see how much you could save on your premiums.
- Compare Prices
If you look at prices from more than one insurance company, you may be able to lower your premiums by a lot. This may seem like a no-brainer, but research has shown that a surprising number of people either don't shop around or only get one or two quotes. Many insurance websites will automatically compare dozens of policies for you. This is one of the easiest ways to lower your insurance bill.
- Buy online
When you buy your policy online, you can often save up to 20% off the normal price. This is because there are less administrative costs, and the savings can be given to you.
- Combine your policies for buildings and things.
Many insurance companies will give you a discount if you get both types of home insurance from them. Getting the two types of insurance from different companies is usually more expensive.
- Pay in advance
Most insurance companies will let you pay your premium in monthly instalments, but many of them will charge you interest. If you can afford it, it will be cheaper in the long run to pay a full year's premium up front.
- Don't make small claims.
If you make a lot of small claims, your insurance company may think you are a bigger risk and raise your premiums. You will also lose any savings your policy gave you for not making a claim. You can make a claim for anything your policy covers, but you should think about whether making a small claim is really worth the trouble and possible costs in the future.
- Voluntary excess
This has something to do with the last point. The word "excess" in an insurance policy means that the policy won't pay out on claims that are worth less than a certain amount. On some policies, your premiums will be lower if you raise your excess to a higher level.
- Improve the safety of your home
Better door locks, window locks, outdoor lighting, and alarm systems can all help make your home safer and lower your premiums. Ask your insurance company what you could do to save more money.
- Cut down on your cover
Many policies come with extras that you might not need, like coverage for your personal belongings while you travel or "free" legal advice. Look over your policy and decide what parts you really need. If you can get by with less coverage, you might be able to lower your premium.
