Have you noticed that the cost of your house insurance coverage has increased significantly over the last several years? Here in Ireland there is word that insurance premiums may increase, putting the squeeze on many people’s budgets. We have brought together a list of tips that may help in minimising the cost of your home insurance.
NOTE: These are just some practical tips and following them does not guarantee a reduced premium.
Tip 1: Know your Home Insurance policy
When you receive your policy, make sure to read it in full along with the schedule and know what it covers. Your home is your biggest investment. Make sure it’s adequately protected from risks you cannot cover yourself and that any home improvements you’ve made, major purchases, and increased costs of rebuilding are all covered.
Tip 2: Building Sums Insured
Make sure the building sums insured is correct. This should include the rebuilding cost and not just the value the property would sell at.
Also, if you have recently built an extension it is important that you amend your buildings sums insured to reflect this too.
Tip 3: Contents Sums Insured
The same applies for your Contents Sum Insured. Make sure to evaluate how much cover you actually need and amend this value as needed.
Remember you may need All Risks cover, this cover insures items outside the home. Include all personal possessions that are important to you such as paintings or jewellery.
Tip 4: Correct Protection
Ensure your home is properly protected. Many insurers offer cheaper home insurance premiums for improved security such as working burglar alarms, smoke detectors or being a member of a neighbourhood watch scheme.
When shopping around for your house insurance, for example with Insuremyhouse.ie, be sure to ask what you can do to make your home less expensive to insure.
Tip 5: Check for Extras
Before you buy your home insurance, check if it provides all the extra cover that you may need, and does not include extras that do not apply to you, for example, jewellery cover away from home on your policy if you don’t own any expensive jewellery.
Tip 6: Higher voluntary excess
Paying a higher excess may also help reduce your premium. It is the part that you’ll need to pay before the insurer pays out on any claim. Offering to share some of the risk with the insurer and by paying a higher excess shows the insurance company that you are willing to take some of the burden off a possible claim. Insurers may look favourably on this and reduce the price of your premium.
Tip 7: Ask About Other Insurance Discounts
This is a simple but effective way of finding out if you can reduce your premium. Make sure you’re receiving all the discounts you’re eligible for. There may be plenty of discounts available to you but if you do not ask about them you may not be receiving them. It’s always better to be sure that you are getting all the discounts that are available to you.
At Insuremyhouse.ie we will make sure that you are getting all the reductions available to you in order to get you the lowest possible premium for your house insurance. If you would like a quote you can call us on 0818 288 188 or you can fill out our quick quote form and see how much you can save on your house insurance.