For peace of mind, home insurance is an essential item. Insurance providers take a number of factors into account when calculating your premium. Things like location, type or property, and so on.
Whilst there’s nothing you can do about the location of your property, there are some things you can actually control. Here are our top tips to save you money on your insurance.
It’s important to research thoroughly to get the best deal possible. There are plenty of comparison sites to help, but bear in mind they don’t always show all of the insurers out there.
You should also visit sites like Canstar to find a wide range of insurers who are winning awards for best products and customer service, then focus on finding the lowest quote.
Some insurers also offer special deals for new customers, so it’s worth asking.
Pay a higher excess
If you can afford it, a higher excess could help reduce your premiums. This is the initial amount that you have to cover out of your own pocket before the insurance payment kicks in when you make a claim. Promise to pay a larger excess and your annual premiums should be lower.
No insurer is going to look favourably upon a home that isn’t protected. They’ll ask you exactly what security measures you have taken before they give you a quote.
If you live in an apartment, you are already at an advantage regarding your security. You’ll have front door secure access via keycard or fob, and if you don’t live on the ground floor, you’re less likely to fall foul of opportunist burglars. Make sure you convey all of these positive facts to your insurer.
Accurately value your possessions
The amount insured has a direct effect on your premium. Don’t guess at the value of things if you can find out the exact price. Whilst you might think it’s safer to round up your valuation in case you have to make a claim, this will mean you’ll be paying a higher premium every year (plus, deliberately over-valuing on a claim is illegal).
The more policies you hold with the same insurance provider, the more you’ll save. This is a marketing ploy used by insurers to extract more money from every customer, but it can definitely save you money if you find the right provider.
So if you have your home insurance with one insurer and/or car insurance with another, ask each of them to offer the best deal for insuring both your home and car.
Shop around… again
When it comes to renewal time, you’re at an advantage. This is your chance to find a better deal.
Shop around for a cheaper quote, and either switch or, if you’re happy with the way your current insurer treats you, go to them and ask if they can match it. It’s your property, your insurance, your choice.
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