No one likes paying for home insurance but unfortunately it is a necessary evil for most of us. However, this does not mean you have to pay through the nose for it though and so here are 8 very easy tips to lower the cost of your homeowners insurance.
1. Take your time and shop around. By comparing prices from a number of insurance companies you will most likely be able to reduce your premium payments by a significant amount. This might seem to be obvious, but research has shown that an astonishingly large number of people either simply renew their current policy or request just one or two quotes. Many online insurance sites automatically compare dozens of plans for you therefore making this one of the easiest ways to reduce your insurance bill.
2. Purchase your insurance online. If you purchase your plan online you will often get a discount of up to 20% on normal prices as there are lower administration costs involved and the savings can be passed on to you.
3. Combine both your contents and buildings plans. A lot of insurers will allow you a discount if you take out both forms of home insurance with them and this usually works out cheaper than purchasing the two policies from different companies.
4. Pay upfront. Although the majority of insurance companies let you pay your premiums in monthly installments many of them will charge interest for this. Accordingly, if you can afford to pay a full year's premium in advance, this will prove cheaper in the long run.
5. Do not put in claims for small amounts. Making many small claims will frequently increase your insurance costs because your insurer might view you as a higher risk and increase your premiums. You will also lose any no claims discount that your policy accrued. Of course, you are entitled to claim for anything your plan covers but ask yourself whether making a small claim is worth the hassle and any consequent future increase in costs.
6. Consider arranging for a substantial voluntary excess on your plan. Policies feature something known as an 'excess' and this means that the plan will not pay for claims under a certain value. in some cases when you elect to increase your excess your premium payments will be reduced.
7. Strengthen security for your property. Raising your home security with better door locks, window locks, lighting, and burglar alarm systems will normally lead to lower premiums.
8. Think about reducing your level of cover. Many policies include benefits that you might not need like cover for personal items while traveling or 'free' legal advice. Examine your plan and see what parts of it you really need.
1. Take your time and shop around. By comparing prices from a number of insurance companies you will most likely be able to reduce your premium payments by a significant amount. This might seem to be obvious, but research has shown that an astonishingly large number of people either simply renew their current policy or request just one or two quotes. Many online insurance sites automatically compare dozens of plans for you therefore making this one of the easiest ways to reduce your insurance bill.
2. Purchase your insurance online. If you purchase your plan online you will often get a discount of up to 20% on normal prices as there are lower administration costs involved and the savings can be passed on to you.
3. Combine both your contents and buildings plans. A lot of insurers will allow you a discount if you take out both forms of home insurance with them and this usually works out cheaper than purchasing the two policies from different companies.
4. Pay upfront. Although the majority of insurance companies let you pay your premiums in monthly installments many of them will charge interest for this. Accordingly, if you can afford to pay a full year's premium in advance, this will prove cheaper in the long run.
5. Do not put in claims for small amounts. Making many small claims will frequently increase your insurance costs because your insurer might view you as a higher risk and increase your premiums. You will also lose any no claims discount that your policy accrued. Of course, you are entitled to claim for anything your plan covers but ask yourself whether making a small claim is worth the hassle and any consequent future increase in costs.
6. Consider arranging for a substantial voluntary excess on your plan. Policies feature something known as an 'excess' and this means that the plan will not pay for claims under a certain value. in some cases when you elect to increase your excess your premium payments will be reduced.
7. Strengthen security for your property. Raising your home security with better door locks, window locks, lighting, and burglar alarm systems will normally lead to lower premiums.
8. Think about reducing your level of cover. Many policies include benefits that you might not need like cover for personal items while traveling or 'free' legal advice. Examine your plan and see what parts of it you really need.
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Reduce the premiums on your homeowner insurance by asking for a free, no-obligation home insurance quote without delay.
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