Houses are expensive from the outset, you have maintenance costs, heating costs, electricity bills and you also have to keep up with your home insurance premiums. Protecting your home against risks is an essential part of owning a home. If something unexpected occurs you don’t want to be liable for a huge financial sum, that why home insurance is so important. Now that we are in a second lockdown some of us are spending more time in our homes than ever. You might be more acutely aware now that your home needs to be properly covered.
If you’re looking for some tips on how to best manage your home insurance, listen up because we have 6 great tips to help you lower the premium on your house insurance.
1.Review your policy every single year.
We’re coming up to the most popular time of the year for home insurance renewals. While it might seem like an obvious step to check your policy properly when you renew it, a lot of people forget.
When you’re busy and you’re renewing your home insurance you might be inclined to just renew it automatically because it’s faster. This however is not in your best interests.
As your renewal approaches, you should check the details of your cover in full and review your own circumstances. The value of your contents may have decreased this year for example, or you might have installed a new alarm system (more about that later). These factors could work to bring down your premium.
In short, get your glasses out and have a think about anything that has changed since you renewed your policy last year.
2.Do not over value your property.
We have discussed the huge importance of not undervaluing your home when you are purchasing insurance. However, it is also vital not to over-insure your property if you are trying to reduce your premium. A common misconception that causes people to over-value their home is that the market value of your property determines the figure.
The market value of your property bears little importance when it comes to your home insurance. The figure which you should be continually looking at it when it comes to home insurance is your rebuild figure.
3. Invest in safety systems.
Taking steps to make your home securer and prevent burglary is another great tip for premium reduction. There are a number of steps you can take in order to do this. Firstly, make sure you have fitted locks on your windows and doors. This will help prevent ease of access to the property.
Do some research surrounding the best type of alarm system for your home. An alarm system doesn’t have to break the bank, but it should be something you seriously consider investing in. There are various types of home alarm systems on the market these days and they will not only protect your home but they’ll have a positive impact on your premium.
4. Increase your voluntary excess.
An additional way to decrease the cost of your home insurance premium is to increase the voluntary excess you pay on your insurance. ‘The excess’ represents the amount that you will have to pay if you make a claim and your home insurance provider will cover the remaining amount.
If you’re in a financial position to do so, this option can be a cost reducer. However, it’s always important to remember to weigh up the pros and cons before you commit to increasing an insurance excess.
5. Use an insurance broker.
Insurance brokers deal with multiple home insurance providers, so they know the market really well. If you’re looking for cheaper home insurance it’s imperative that you contact a broker as they will be able to discuss your policy and what you need and what you don’t. They’ll be able to guide you in the right direction and help you to lower your premium.
6. Do some research on any available discount.
Home insurance providers often do discounts, maybe for purchasing online, having multiple policies with the same insurance company, or being a loyal customer. By availing of these discounts you could see a reduction in the fee you have to pay on a yearly or monthly basis.
If you have numerous insurance policies with the one insurance company for example, home insurance, mortgage insurance or car insurance you could be eligible for a discount. Review their offers online and don’t be afraid to pick up the phone and ask.
Bonus tip: Pay your home insurance annually.
Consider paying your home insurance premium annually if you aren’t already. Paying your home insurance in monthly installments can result in you paying more annually because sometimes providers charge interest for this method.
If you want to avoid interest fees then you can look into switching your payment method to annual. This will help save you money in the long run even if it might be more of a lump sum than you were previously used to paying.
At Insuremyhouse.ie we do all that we can to ensure that you get not only the best cover but the best price too. If you’re trying to save on your home insurance, then we’re the best way to do it. Get in touch with us today, so we can help you.