We treat our homes as our own, designed to suit both our tastes and needs. Some of us create little escape havens, whilst others work to create a practical adobe to help meet the demands of our busy life. These havens we create require protection, and although it may seem like an annual chore, all of us need to consider home insurance. With so many insurance providers within the marketplace you can sometimes feel a little lost knowing what’s a good deal and what isn’t.
Here are the Healthy Hideout’s top 5 ways to help reduce your home insurance bill:
- Choose the right cover – If you do decide to “under insure”, don’t bother as it will render your entire policy void and useless. If you “over insure” you’ll be paying too much for your premium and providing your insurer with a tidier annual profit. Calculate the exact value of the items you wish to cover and protect this amount within your insurance policy – Don’t pay over the odds if you don’t have to.
- Don’t pay monthly – Many of choose to pay monthly as it lightens the load on the wallet, but the truth is, your insurer will be charging you additional interest for the privilege. Try to pay for your policy in one lump sum. If you can’t financially afford to do so, why not take advantage of a credit card that offers you 0% on new purchases for one year. There’s plenty out there so shop around for the best deal.
- Increase your excess value – In the unfortunate circumstance of making a claim on your items, you will need to pay an excess on your policy before receiving a payout. Most of the time, people tend to keep excess amounts low so that the pinch is less painful when it comes to making a claim. However, it’s important to know that a higher excess equals a lower policy, so why not try increasing it to a sensible amount. Be careful though – Don’t increase it to an amount beyond financial common sense. You will need to be prepared to pay this amount should anything happen.
- Do your research – The sudden growth of price comparison websites has made pitting insurance suppliers against one another a much easier affair. Compare companies against one another, and try to take advantage of combining your building and contents insurance. Some insurance companies even combine your vehicle, building and contents cover which works to save you more in the long run.
- Bolster your defences – OK, maybe we’ve exaggerated on the phrase here but increased security will do wonders for your policy. Insurance companies tend to have a checklist of security measure that, if installed in your home, will be decrease the overall cost of your policy. Ask them what alarm systems they recommend, and if you have the spare cash bring in an expert for their opinion. Change any old door locks to approved five level mortice locks and fit two bolt locks onto your windows. Installation of security lights could also help.