Home Insurance

  • Date posted4 years ago
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Are you looking to reduce your monthly expenses? When your home budget is tightened with each passing month, don’t make the same mistake as others by cutting your home insurance cover. This will not only make it more difficult for when you wish to sign up for insurance again one day, but you would foolishly risk losing everything. It’s simply not worth that gamble. Here are 7 ways you can slash the price of your home insurance to save precious cash each month.

Always shop around for the cheapest possible home insurance cover – but don’t forfeit the cover you need. If you’re unsure on which companies are reputable, ask your friends, work colleagues and family which home insurance companies they make use of and which they recommend. A Tip: even if you’re happy with your current home insurer, phone around for various quotes from rival companies and then approach your insurer to ask them to match their offer. They will most likely reduce your monthly premium.

Many home insurance providers usually bundle your home, property and home contents insurance packages into one monthly figure. While this is convenient, it isn’t penny-wise for you. A trick is to ask them to discount or remove your grounds’ price from that insured amount – after all, if something were to happen to your home, your house would need to be rebuilt and not your grounds. Calculate what it would cost to rebuild your home’s structure and ask your home insurer to re-assess your home insurance accordingly.

If you have auto insurance and home insurance with separate insurance companies, you’re missing a possible discount. Ask both insurance companies to quote on bundling your car and home insurance together. Opt for the cheapest insurance provider and you’ll enjoy a reduced monthly premium (now combined) that is as much as 15 percent lower.

Have you considered installing a home CCTV system? By installing an alarm system, you will be able to reduce your home insurance premiums by as much as 20 percent. What’s more, these alarm systems have become more affordable as the technology expands and is more widely available. Call your home insurance provider to ask them which alarm and CCTV systems they recognize and the requirements you’ll need to meet to cut your home insurance premiums.

Insurance companies evaluate and calculate your monthly home insurance premiums based on your credit score. If you maintain a solid credit ranking by paying your bills on time, not over-extending yourself with loans and lines of credit, home insurance providers will assess your profile more favourably and you’ll be rewarded with lowered monthly premiums.

Regularly re-assess the value of your home’s contents. Items depreciate in value over time and your initial insured amount can be recalculated when you update your cover’s inventory. The best advice is to re-assess this every year, but you might be able to squeeze off even a few more handfuls of cash by reassessing it every 6 months. If you’ve packaged your auto with your home insurance, re-evaluate your vehicle’s insured value at the same time for a greater reduction in monthly premium costs.

Loyalty still counts today. If you’ve been claim-free for the last 3 or more years, ask your home insurance provider to cut you a discount. They’ve been enjoying your claim-free status and your risk profile will be rather low – take advantage of that by re-negotiating your monthly premium.