8 Easy Tips For Reducing Your Home Insurance Costs

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Thursday, April 23rd, 2009 Subscribe To Our Feed

Noone likes paying for home insurance but unfortunately for most of us it is a necessary evil. That does not mean that you have to pay through the nose for it though and here are 8 very simple tips to reduce the cost of your homeowners insurance.

1. Shop around. By comparing prices from several different insurance companies you will probably be able to reduce your premium payments by a substantial amount. This could seem obvious, but research indicates that an astonishingly large number of people either simply renew their current plan or get just one or two quotes. A lot of online insurance sites will automatically compare a large number of of policies for you therefore making this one of the easiest ways to reduce your homeowners insurance bill.

2. Buy online. If you purchase your plan online you will often get a discount of up to 20% on normal prices as there are less administration costs involved in purchasing online and the savings made can be passed on to you.

3. Combine your contents and buildings policies. A lot of insurance companies will allow you a discount when you arrange both types of home insurance with them and this generally works out cheaper than getting the two policies from different companies.

4. Pay upfront. Although the majority of insurance companies let you pay your premiums monthly many of them will charge interest for this. Thus, if you can afford to pay the cost of a full year’s premium in advance, this will work out less expensive in the long run.

5. Do not put in claims for small amounts. Making many small claims will frequently raise your insurance costs because your insurer might see you as a higher risk and increase your premiums. You may also lose any no claims discount your policy has. Of course, you are entitled to submit a claim for anything your plan covers but ask yourself whether making a small claim is really worth the work involved and any consequent future increase in costs.

6. Consider taking a substantial voluntary excess. Insurance policies feature something which is known as an ‘excess’ and this means that your plan won’t pay for claims under a certain value. On some policies if you choose to raise your excess your premiums will be reduced.

7. Increase the security on your home. Increasing the security of your property with better door locks, window locks, lighting, and alarm systems will normally result in reduced premiums.

8. lower your cover. Many plans include benefits that you might not need like cover for personal items while traveling or ‘free’ legal advice. Study your policy and see what parts of it you really need.

Lower the cost of your homeowner insurance by getting a free, no-obligation home insurance quote without delay.

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