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. Shop around. By comparing prices from a number of insurance companies you will almost certainly be able to lower your premium payments by a substantial amount. This could seem to be obvious, but research suggests that a surprisingly large proportion of people either simply renew their existing plan or ask for just one or two quotes. Many insurance web sites automatically compare dozens of plans for you thereby making this one of the simplest ways to reduce your home insurance bill.
2. Purchase your insurance online. If you get your plan online you will often get a discount of up to 20% on normal prices because there are less 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 arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay upfront. While the vast majority of insurance companies let you pay your premiums each month many of them will charge interest for this. So, if you are able to afford to pay a full year's premium in advance, then this will work out cheaper in the longer term.
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. Consider lowering your level of cover. A lot of plans feature benefits which you may not need such as cover for personal possessions when you are traveling or 'free' legal advice. Study your policy and see which sections of it you really need.
1. Shop around. By comparing prices from a number of insurance companies you will almost certainly be able to lower your premium payments by a substantial amount. This could seem to be obvious, but research suggests that a surprisingly large proportion of people either simply renew their existing plan or ask for just one or two quotes. Many insurance web sites automatically compare dozens of plans for you thereby making this one of the simplest ways to reduce your home insurance bill.
2. Purchase your insurance online. If you get your plan online you will often get a discount of up to 20% on normal prices because there are less 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 arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay upfront. While the vast majority of insurance companies let you pay your premiums each month many of them will charge interest for this. So, if you are able to afford to pay a full year's premium in advance, then this will work out cheaper in the longer term.
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. Consider lowering your level of cover. A lot of plans feature benefits which you may not need such as cover for personal possessions when you are traveling or 'free' legal advice. Study your policy and see which sections 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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