How can you save money on Home Insurance?
You already know that a quote will vary depending on numerous factors. It could vary based on:
- The condition of your home
- The level of coverage you want
- How many valuable items you would like to cover
- And more
However, there are ways you can save money on your home insurance. It’s so important that the methods you use to bring down a quote are smart, as simply lying about the value of your home is not a good idea. There are ways you can reduce your quote without compromising on the quality of the coverage.
As your claims history and credit history may also play a part in what you are quoted, you can aim to improve your credit score and see if there are any mistakes that you can rectify. If something is still on your record that shouldn’t be there, don’t hesitate to get in touch with the appropriate party to fix it.
Location can also have an impact on your quote, especially if you’re in an area that is prone to natural disasters or crime. This is why keeping your home safe and secure and taking preventative measures can bring your quote right down. Perhaps you could take steps to make your home disaster-proof, or really up the security.
Staying with the same insurer over time could also help you to reduce the cost of your policy if you don’t end up making a claim, as they will perceive you as less likely to cost them money. That being said, you should make sure you look at your belongings closely at least once per year, as you may have forgotten to include something important that you would like to protect in your policy. You may also no longer own something that is listed in your policy and be paying too much. Staying on the ball is key.
Another thing to do is potentially raise your deductible so that you agree to pay a higher amount out first before your insurance company provides help. This is a common method to bring down insurance premiums, but make sure you understand the trade-off. If you commit to paying out a high amount that you cannot afford and something does happen, you’ll wish you had been more sensible.
Bear in mind that each company will have a unique method of assessing risk, so you’ll usually get different quotes for the same property. The quote is not the only thing you need to pay attention to, however, as the level of cover will often be different, too.
In some cases, it will be worth spending a little more money to get better customer service and a more substantial level of coverage. That being said, a more expensive quote does not mean that the service will be better, so, do your due diligence.
This helpful home insurance 101 video could help you to select the perfect level of cover for your needs: