How Can I Save Money On My Home Insurance?
If you haven’t asked the question, “Is my home insurance too high?” you have done yourself a disservice. There are companies available on the internet that can find you real savings. The best rates possible are available from companies who can match your requirements and offer you a policy that exactly works for you. The important point is to make sure all of your details are easily at hand and you have access to the right insurance providers. By starting with an insurance broker, you can compare the policies they can offer you and the benefits each policy contains, and then you can research individual home insurance providers.
Step one: Review your policy
Your target should be to make sure that your home insurance policy covers you for loss or damage and will cover the worst case for the loss of your home, or its contents. But it is important not to pay premiums for policy cover that exceeds the amounts you can claim for. You can pay the premiums, but you will never be able to claim the full amount that the policy can offer, as your home and contents don’t reach the required value. Every year, review you policy to be sure that you are not over-insuring or under-insuring your home and contents.
Step two: Shop around
This is one of the best ways to ensure that you have the best home insurance policy. Depending on the amount of time you have available, you can either undertake extensive research yourself, or you can find a home insurance policy broker who can do the research for you and present you with the best policies that they can find matching your requirements. Do ask the home insurance policy brokers if they have any particular insurance companies who sponsor them and, therefore, will cause them to “prefer” the home insurance policies these companies offer. It is important that they are transparent and deal with you in a clear and professional way.
Step three: Combine and profit
The basic rule is that the more you offer the insurance company to insure, the better the deal will be for you. This absolutely applies in the case of home insurance. As an example, if you are able to bring your car insurance to your home insurance provider, or vice versa, then ask for a combined quotation and you should expect extra discounts. Most insurance companies that can offer combined insurance will be able to offer you a discount that can be as much as 10% on both policies, so this is an option that your should seriously consider.
Step four: Understand and raise your deductible
Your deductible is the amount of money you will pay before your insurance company will consider paying out for a claim. You should talk to the insurance company you use or one you are considering using about their deductibles. The more you raise your deductible, the lower your insurance policy premium will be. Consider what is on offer and decide if the deductible savings actually work for you.
Step five: Home improvements
Simple but effective security improvements, including measures such as installing smoke detectors can allow you to get instant discounts on your home insurance. Consider installing security cameras, and security gates on doors and windows so that you can qualify for security discounts on your home insurance. Storm shutters, a complete makeover to your roof, and installing fire safety equipment can pay you big dividends in the savings you can make on your home insurance. There is excellent advice on sites that focus on home improvements. These can save you large amounts of money if you are careful to select the right improvements and the right home insurance company that will reward you for your efforts.
Step six: Find home insurance security discounts and look for more
Start with the home security system you have installed in your home, you should expect to receive a discount for installing a good, functioning, home security alarm system. As this is a deterrent to thieves, you should expect to get a saving on your home insurance policy.
Ask if the insurance company you may use will offer you extra discounts should you do, or not do, things that the insurance can reward you for. Fox example, if you and your family don’t smoke; you could qualify for an extra discount.