Ways to reduce the cost of home insurance, Building Design Profession Tips, Online Advice

7 Ways to Reduce the Cost of Home Insurance

3 Mar 2021

Whether you own your own home, or are currently in the market to buy one, you know that your property is likely going to be the largest investment that you’ll ever make. So, it makes sense to ensure that your property is protected against any type of disaster or damage with a good insurance policy.

In most cases, your mortgage company will require you to have home insurance before lending. The good news is that home insurance does not have to cost a fortune. There are several things that you can do to reduce your premiums while making sure that you have the coverage you need.

Ways to Reduce the Cost of Home Insurance

Shop Around:

It will certainly pay off to do your homework by shopping around to get the cheapest insurance policy for you. You can compare home insurance quotes that are suitable for your property and circumstances at Quotezone. Just enter your information and you’ll be able to search through a list of home insurance quotes to find the one that is suitable for your budget while providing the coverage that you need for your home. Although your mortgage provider may recommend an insurer to you, never assume that they are going to offer the best prices.

Choose a Higher Excess:

Just like any other type of insurance, home insurance will come with an excess. This is the amount of money that you will be required to pay out of pocket if you make a claim on your home. Generally speaking, the higher your excess, the lower your premium will be. If you can, increasing your excess to the maximum amount that you can afford in the event of a claim can help you save significantly on your yearly or monthly payments.

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Take Advantage of Discounts:

Insurance companies may offer several home insurance discounts that you can take advantage of in order to lower your premiums. If there are no obvious discounts available when you visit their website, it is worth getting in touch to ask. Some common home insurance discounts to look out for include discounts for insuring a brand-new home and bundle discounts where you can get several different types of insurance from the same company, such as a bundle for both your home and car insurance.

Improve Your Home’s Safety:

The lower the risk of your home being damaged in any way, the less you can expect to pay for home insurance. It definitely pays off in more ways than one to make some improvements to your home that can help you save money on your insurance policy. If your home doesn’t already have a strong security system in place, you may be able to get a cheaper insurance deal if you have a burglar alarm, CCTV, and other anti-theft systems in place. In addition, make sure that your home has smoke alarms, a carbon monoxide detector, and other necessary safety features.

Improve Your Credit Rating:

Did you know that your credit rating could have an impact on the price you pay for home insurance? Insurers have found that people with high credit ratings are less likely to file claims and are also more likely to make their home insurance payments on time. Insurance companies will make a soft check on your credit file before providing you with a quote, and what they find can make a difference to the premiums that you are offered. It definitely pays off to improve your credit score by paying down as much debt as possible, making sure that you are on the electoral roll, and making all payments on time.

Change Every Few Years:

Home insurance is not usually something that is at the forefront of your mind. Many people get home insurance and then continue paying for the same policy for quite a long time. However, just because something was the best deal back when you got it, this doesn’t mean that it’s always going to be the same. Policy options can change, new insurance companies are formed, and prices can fluctuate for various different reasons. As a result, it’s a wise idea to carry out a home insurance comparison every few years to make sure that you’re still getting the best rates.

Keep Claims to a Minimum:

Making an insurance claim can increase the cost of your home insurance in the future. Just because you have home insurance, this doesn’t mean that it’s always a good idea to use it. If something happens in your home, it’s always worth considering whether the cost of claiming on your insurance is going to be much higher than paying out of pocket. For smaller instances of damage, it’s usually better to use an emergency fund or your income so that your insurance claims are not affected, and use your insurance policy for expensive emergencies only.

Home insurance is essential if you own a property, but the good news is that it doesn’t have to be a costly expense.

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