Noone likes having to pay for homeowners insurance but it is a necessary evil for most of us. However, this does not mean you need to pay through the nose for it though and so here are 8 very simple 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 policy online. If you arrange your plan online you will often find that you can get a discount of up to 20% on regular prices because there are less administration costs involved and the savings made can be passed on to you.
3. Combine your contents and buildings plans. Many insurance companies will allow you a discount when you take out both types of home insurance with them and this normally works out less expensive than buying the two plans from different companies.
4. Pay upfront. Although the majority of insurance companies let you pay your premiums in monthly installments many of them will charge interest for this. Accordingly, if you can afford to pay a full year's premium in advance, this will prove cheaper in the long run.
5. Don't submit claims for small amounts of money. Putting in many small claims might raise your insurance costs because your insurance company may view you as a greater risk and raise your premiums. You may also lose any no claims discount that your policy has. Of course, you're entitled to submit a claim for anything that your policy covers but you should ask yourself if putting in a small claim is worth the hassle and any consequent future increase in costs.
6. Consider arranging for a high voluntary excess on your plan. Insurance policies feature something which is known as an 'excess' and this basically means that the plan will not pay out on claims under a certain value. in some cases if you opt to increase your excess your premiums will be reduced.
7. Increase the security on your home. Raising your home security with better door locks, window locks, lighting, and alarm systems will normally result in reduced premiums.
8. lower your level of cover. Many plans include benefits that you may not need like cover for personal items when you are traveling or 'free' legal advice. Study your policy and see which sections 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 policy online. If you arrange your plan online you will often find that you can get a discount of up to 20% on regular prices because there are less administration costs involved and the savings made can be passed on to you.
3. Combine your contents and buildings plans. Many insurance companies will allow you a discount when you take out both types of home insurance with them and this normally works out less expensive than buying the two plans from different companies.
4. Pay upfront. Although the majority of insurance companies let you pay your premiums in monthly installments many of them will charge interest for this. Accordingly, if you can afford to pay a full year's premium in advance, this will prove cheaper in the long run.
5. Don't submit claims for small amounts of money. Putting in many small claims might raise your insurance costs because your insurance company may view you as a greater risk and raise your premiums. You may also lose any no claims discount that your policy has. Of course, you're entitled to submit a claim for anything that your policy covers but you should ask yourself if putting in a small claim is worth the hassle and any consequent future increase in costs.
6. Consider arranging for a high voluntary excess on your plan. Insurance policies feature something which is known as an 'excess' and this basically means that the plan will not pay out on claims under a certain value. in some cases if you opt to increase your excess your premiums will be reduced.
7. Increase the security on your home. Raising your home security with better door locks, window locks, lighting, and alarm systems will normally result in reduced premiums.
8. lower your level of cover. Many plans include benefits that you may not need like cover for personal items when you are traveling or 'free' legal advice. Study your policy and see which sections of it you really need.
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Reduce the premiums on your homeowner insurance by asking for a free, no-obligation home insurance quote without delay.
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