There are a number of ways to save money on you home insurance, starting from comparing quotes to taking safety measures for your property. We suggest to look around for competitive options when it is time for the renewal of your home insurance plan. Here are some of our best tips about how you can save money on home insurance:
Tips for Saving Money
You are not just the owner of property but you own contents too, therefore, you can combine buildings and contents cover. By considering to take out both with the same insurance company mostly helps you in negotiating a better price. It is worthy to compare the price of getting separate cover for your buildings and contents. This will let you be sure that what you are getting is the best value for your money.
You may seriously need to consider about cutting out the frills. To do so, you need to check what extra you are paying for, and if it is actually necessary for you or not. You can simply reduce the cost by going for a simple strategy and cut any additional costs such as accidental damage cover. This will let you save up to 20 percent on the cost of your insurance.
You may choose to pay annually for your home insurance. Usually it may seem more convenient to divide your home insurance payments in monthly instalment, however, you may not realize that it is actually more expensive than paying annually for you home insurance. With monthly instalment you are required to pay an additional administration charges every month.
Consider increasing you excess. It has been one of the most common ways of reducing the cost by increasing the voluntary excess. This is the amount you have to pay in the event of a claim, which can range from £50 to several hundred pounds. The more you increase the excess, the less your premium will be.
You must establish your no claims discount. It is most common to earn a discount on your premiums if you do not make any claims. This can substantially help you lower your insurance by as much as 50 percent within a period of five years only.
You must consider paying your own way. If you require a minor repair, it is better suggested to do it on your own. This will help you earn your no claims discount. So, always do the math before making a claim.
You may also consider joining a neighbourhood watch scheme. It can help you reduce your premium by up to 5 percent. Peace of mind is an added advantage.
You should always consider installing smoke alarms. Fault in electronic appliances are reason of major house fires throughout the country each year. Therefore, you should make sure to have smoke alarms throughout your home. You must not forget to get them checked in a regular basis so you can be always sure that they are functioning.
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