Homeowner’s Insurance is a necessity. While it can be quite expensive, there are ways to minimise the costs associated with this insurance.
Here are a few house insurance tips which could save you quite a bit of money:
Add security features to your house
By having a burglar alarm as well as smoke alarms, this can amount to significant annual premiums. Anything you can do to deter break-ins and theft can help.
Raise your excess for more savings
The higher the excess you pay, the lower the annual premiums.
Look for multi-policy discounts
You could get a discount of up to 10% if you maintain other insurance contracts under the same roof. You may end up saving on two annual policy premiums.
Make Regular Policy Reviews
At least once a year you should compare the costs of other insurance policies. Look for changes in your local neighbourhood that may result in lower rates as well. Even though it may be noble to stay loyal to your insurance provider, it might work against you in the long run, it would be better for you to compare various insurance companies to make sure that the type of cover you have meets the needs you have.
You need to know exactly what you are covered for.
A typical policy will pay for damage to your property and your possessions in the event of certain storms, fire, theft or vandalism if something is stolen from your car, your car insurance may not cover it, but homeowner’s insurance will.
Remember that a standard policy has certain exclusions.
Shop around before committing to a policy.
Find out which preventive actions can reduce premiums.
Remember that your items will be covered at replacement value not market value.
The insurance company will cover your goods at the price that it will take to replace them. Keep note of the items you own and how much they are worth.