No one enjoys paying for homeowners insurance but unfortunately it is a necessary evil for most of us. That does not mean that you need to pay through the nose for it and here are 8 very easy 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 insurance online. If you get your plan online you will often get a discount of up to 20% on normal prices because there are less administration costs involved and the savings can be passed on to you.
3. Combine both your contents and buildings plans. A lot of insurers will allow you a discount if you arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay upfront. While the vast majority of insurance companies let you pay your premiums each month many of them will charge interest for this. So, if you are able to afford to pay a full year's premium in advance, then this will work out cheaper in the longer term.
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. Policies feature something which is known as an 'excess' and this means that the policy will not pay out on claims under a specified value. On some policies when you choose to increase your excess your premium payments will be reduced.
7. Strengthen security for your property. Raising your home security with better door locks, window locks, lighting, and burglar alarm systems will normally lead to lower premiums.
8. Consider lowering your level of cover. A lot of plans feature benefits which you may not need such as cover for personal possessions 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 insurance online. If you get your plan online you will often get a discount of up to 20% on normal prices because there are less administration costs involved and the savings can be passed on to you.
3. Combine both your contents and buildings plans. A lot of insurers will allow you a discount if you arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay upfront. While the vast majority of insurance companies let you pay your premiums each month many of them will charge interest for this. So, if you are able to afford to pay a full year's premium in advance, then this will work out cheaper in the longer term.
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. Policies feature something which is known as an 'excess' and this means that the policy will not pay out on claims under a specified value. On some policies when you choose to increase your excess your premium payments will be reduced.
7. Strengthen security for your property. Raising your home security with better door locks, window locks, lighting, and burglar alarm systems will normally lead to lower premiums.
8. Consider lowering your level of cover. A lot of plans feature benefits which you may not need such as cover for personal possessions 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 getting a free and no-obligation home insurance quote now.
