How to save money in home insurance

Any type of insurance will cost you money from auto and life to travel and home. Sometimes, the premiums can be absurdly high. If you want to know how to save money in home insurance, we show some ways where you can cut corners and eventually put away a decent amount on your monthly or yearly payments.

Practical tips

Below are some tips on how to save in home insurance premiums:

  • Compare providers and quotes

It pays to shop around for an insurance provider that can give you the best deals if not a better offer on your home insurance. Ask friends, family and colleagues at work if they are happy with their provider. Send out requests for quotes from insurance companies and compare offers. You can also inform your current provider that you are shopping around. Sometimes, if you are a loyal client, you might be able to get a discounted or favourable rate.

  • Bundle your insurance

If you are happy with your current insurance company, why not get other cover such as auto, life or extra health insurance? Grouping your insurance policies under one roof can reduce your premiums or make it cheaper in the end sometimes by as much as 15%. However, be sure that bundled insurance is indeed cheaper than buying policies individually. You can do this by comparing quotes and offers.

  • Home improvements

The older your house is, the higher your premiums will be. This is logical as a new house means new construction, plumbing and electrical wirings. It is a lower risk investment for the company in terms of accidental fire. But, if you have an older structure, you can always do home improvements such as rewiring it, improving insulation or fixing leaking roofs and broken plumbing. On the same note, installing an alarm system to reduce theft and break ins will get you a discount from the company. There are also other stuff you can do such as installing deadbolt locks, sensors for gas and water leaks. The bottom line is, do not be afraid to ask for a discount on your premiums or ways to lower them.

Knowing how to save in your home insurance can help increase your household budget. There are other things you have to remember, as follows:

  • Your home insurance premium depends on several factors such as location, type and age of the property.
  • Bear in mind that home insurance policy has three different types: buildings, contents and combined building and contents. It does not cover calamities that can occur in your location and hence, you have to purchase additional cover for this.

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