Five ways to
insure your home for less
Home
insurance is becoming an increasingly important precautionary measure as
climate change accelerates. But how can you keep costs to a minimum
while making sure that your building and contents are adequately covered
in case of disaster? Here are five great ways to get more for less.
1.
Reduce your risk: Taking steps to protect your property against
damage can have a positive effect on your insurance premium. Some of the
most effective measures you can take to convince insurers that you’re a
good investment include fitting locks to all windows and level five
mortise deadlocks to the doors, arranging for an alarm installed by a
company recommended by your insurance company, and cleaning up your
lifestyle (for example, by cutting out drinking and smoking). Building
up a good no-claims bonus and agreeing to pay a higher excess are also
good ways to avoid paying over the odds.
2.
Only pay for what you need: It’s important that the value of your
building and contents are calculated accurately, so that your
house insurance premium isn’t overvalued. The value of your home can
usually be found on your mortgage agreement or property deeds, while the
value of its contents can be calculated by making a detailed inventory
of your valuables. Don’t just include obvious items like the TV or
stereo – designer clothes and CDs can be equally expensive to replace.
3.
Save on separate policies: It isn’t compulsory to take out both
buildings and contents insurance with the same company. Get quotes for
separate policies to make sure that you’re getting the most competitive
deal. Use a comparison website to find the cheapest providers from each
component, or request individual
home insurance quotes from companies like Co-operative Insurance.
4. The
best way to save on your home insurance is by playing the market.
Don’t simply opt for the cover offered by your mortgage lender, as these
are often over-priced. Instead, find the best deals by requesting quotes
from individual insurers, browsing the web or using a broker.
5. Don’t
accept the first offer: The initial quote you are given by an
insurer may not be their final offer. Some insurers are amenable to
haggling, and will cut their prices if they know that you can get
cheaper insurance elsewhere. Try getting the cheapest quote you can find
online, then contacting your existing insurer and asking them to beat
it. If they won’t budge, contact the second cheapest insurer and do the
same. This is a great way to secure a rock-bottom deal on your home
cover.
