8 Very Easy Tips For Purchasing Cheaper Homeowners Insurance
Thursday, April 23rd, 2009 Subscribe To Our Feed
Nobody likes having to pay for home insurance but for most of us it is a necessary evil. However, that does not mean you have to pay through the nose for it though and here are 8 simple tips to reduce the cost of your homeowners insurance.
1. Shop around. By comparing prices from several insurance companies you will probably be able to lower your premium payments by a substantial amount. This may seem to be obvious, but research has shown that a surprisingly large number of people either just renew their existing policy or get only one or two quotes. A lot of online insurance sites will automatically compare dozens of policies for you thus making this one of the simplest ways to lower your home insurance bill.
2. Buy your insurance online. If you get your plan online you will frequently find that you can get a discount of up to 20% on regular prices because there are lower administration costs involved and the savings made can be passed on to you.
3. Combine your buildings and contents policies. A lot of insurance companies will give you a discount when you arrange both types of household insurance with them and this usually proves to be cheaper than arranging the two plans from different insurance companies.
4. Pay upfront. While the majority of insurers allow you to pay your premiums each month many will charge interest for this privilege. Accordingly, if you are able to afford to pay a full year’s premium in advance, then this will work out cheaper in the long run.
5. Do not submit claims for small amounts of money. Submitting numerous small claims may raise your insurance costs because your insurance company might see you as a greater risk and raise your premiums. You may also lose any no claims discount that your policy has. Naturally, you’re entitled to claim for anything which your policy covers but you should ask yourself if making a small claim is worth the hassle and any consequent future rise in costs.
6. Think about taking a high voluntary excess. Insurance policies feature something known as an ‘excess’ and this means that the plan won’t pay out on claims below a certain value. in some cases when you choose to increase your excess your premiums will be lower.
7. Increase security for your property. Raising the security of your property with better door locks, window locks, lighting, and alarm systems will generally lead to lower premiums.
8. Think about reducing your level of cover. Many policies feature benefits that you might not need like cover for personal items while traveling or ‘free’ legal advice. Look through your plan and see which sections 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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