8 Simple Tips For Reducing The Cost Of Homeowners Insurance

None of us enjoys paying for home insurance but for most of us it is a necessary evil. However, that does not mean that you need to pay through the nose for it though and so here are 8 very easy tips to reduce the cost of your home insurance.

1. Take your time and shop around. If you compare prices from several different insurance companies  you will almost certainly be able to reduce your premiums by a significant amount. This could seem obvious, but research suggests that a surprisingly large proportion of people either simply renew their existing plan or ask for only one or two quotes. Many insurance web sites will automatically compare dozens of plans for you thus making this one of the easiest ways to lower your homeowners insurance bill.

2. Buy your policy online. If you get your policy online you can often find that you can get a discount of anything up to 20% on regular prices because there are less administration costs involved and the savings can be passed on to you.

3. Combine your buildings and contents policies. A lot of insurers will give you a discount if you take out both types of household insurance with them and this often works out cheaper than arranging the two policies from different insurance companies.

4. Pay upfront. In spite of the fact that the vast majority of insurance companies allow you to pay your premiums monthly many will charge interest for this. So, if you are able to afford to pay a full year’s premium in advance, this will work out less costly in the longer term.

5. Do not claim for small amounts. Submitting many small claims might increase your insurance costs as your insurance company might consider you to be a greater risk and increase your premiums. You may also lose any no claims discount which your policy accrued. Of course, you are entitled to submit a claim for anything that your policy covers but ask yourself if submitting a small claim is really worth the trouble and any consequent future rise in costs.

6. Think about taking a high voluntary excess on your plan. Policies feature something known as an ‘excess’ and this basically means that the plan won’t pay out on claims below a certain value. in some cases when you opt to raise your excess your premium payments will be lower.

7. Strengthen the security on your home. Beefing up your home security with better window locks, door locks, outdoor lighting, and burglar alarm systems will frequently result in lower premiums.

8. Consider lowering your level of cover. Many plans carry benefits which you might not need like cover for personal possessions while traveling or ‘free’ legal advice. Look through your policy and see what parts of it you really need.

Lower the cost of your homeowner insurance by asking for a free, no-obligation home insurance quote today.