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 probably be able to lower your premiums by a considerable amount. This may seem to be obvious, but research has shown that a surprisingly large proportion of people either simply renew their current plan or request only one or two quotes. Many online insurance sites automatically compare dozens of policies for you thus making this one of the easiest ways to reduce your home 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 arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay your premiums upfront. In spite of the fact that most insurance companies let you pay your premiums in monthly installments many of them will charge interest for this privilege. So, if you can afford to pay the cost of a full year's premium in advance, this will prove 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. 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 probably be able to lower your premiums by a considerable amount. This may seem to be obvious, but research has shown that a surprisingly large proportion of people either simply renew their current plan or request only one or two quotes. Many online insurance sites automatically compare dozens of policies for you thus making this one of the easiest ways to reduce your home 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 arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay your premiums upfront. In spite of the fact that most insurance companies let you pay your premiums in monthly installments many of them will charge interest for this privilege. So, if you can afford to pay the cost of a full year's premium in advance, this will prove 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. 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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