Home Insurance – How to get cheaper Policy cover?
In current situation we can’t predict the future, and while you may think your home is at a low risk or no risk and doesn’t require a high level of home insurance, any number of home disasters could potentially befall you and you may left with thousands of pounds in losses if you ignore insurance.
Make sure you read the small print and exclusions on policies, and compare like with like well.
Here we will share some tips that may help you while looking for Home or building Insurance in budget.
Switch rather than just renew home insurance
The most easiest way to start saving on your home insurance is to look around for better deals, instead simply accepting your existing insurer’s quote.
Insurance premiums tend to rise every year, and even if your insurance was the cheapest deal around when you took it out, the renewal quote may not be the same or cheaper anymore next year.
It could be beneficial trying some comparison sites to check premiums and visiting insurers directly.
Reduce your costs and risk
You can take several steps when you look to reduce your insurance premiums. Reviewing the sum insured on your home insurance is better. It could be far too high, and you could reduce it as necessary and save money.
However, you must not artificially lower it, as you may be breaking terms and find yourself uncovered if disaster strikes.
Similarly, mentioning the low value of your content is a mistake, since you will lose in case of any damage to it.
Instead, It’s better to reduce your contents insurance costs by lowering your risk.
Further, fitting better locks, having a burglar alarm installed or getting better smoke alarms can also reduce insurance premiums.
You can also benefit with discounts of approx. 5% for a smoke detector, burglar alarm or dead-bolt locks.
Some companies offer to cut customers’ premiums by as much as 15-20% if they install a sprinkler system, and a fire and burglar alarm that alerts the police, fire or other monitoring stations.
Get a no claims discount on Home Insurance
Most of knows the concept of the no-claims discount from our car insurance. It means we can benefit and get the cheaper premium if we have history of not making a claim.
Similar to car insurance this is feature is growing for home insurance as well. Typically, home owners are asked whether they have made a claim in some certain period of time in past, and if they haven’t then they could get a 20% cheaper premium quote.
Further, some insurance providers are also now making no claims discount offers that take this idea a step further.
This means if you do not make a claim, your premiums could be frozen when the time comes to renew.
Remember, cheaper is not always better
When looking for home insurance it is important to remember that, while you want to have low cost premium, you also need the best premium possible.
When searching for insurance policy, the best practice is to plan for the worst case scenario. A little bit extra money on insurance will cost far less than a very high loss for your buildings not being covered properly.
It also important to take a good look at the extras that an insurance provider is offering you, such as some added services, or the opportunity to keep premiums low in the future.
When you get the complete policy documents for your property, read through them carefully.
And make sure all details are correct and everything you need is covered.
Also read: Home Insurance – 5 ways you can invalidate without knowing
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