source:SEIAHome insurance is made up of buildings and contents insurance. Buildings insurance concerns itself with the outside of the property and contents the inside. As a person’s house is normally the biggest investment they will ever make, and the interior the longest term investment they ever make do you think it is wise to make cutbacks when the asset you are protecting is so valuable? It isn’t wise. That said we have identified five key ways to save on your home insurance.
Identify theft risk in your area
Some suburbs attract more crime than others. Some streets seem to attract crime more than others. This is why the suburb or even the street you live in can affect your home insurance premiums. If you are moving house then safety of you and your family is an aspect that should be of paramount importance to you. Do not think that living in a good postcode will necessarily help you. Some of the more expensive suburbs are targeted more as the residents have more perceived wealth. To lower theft risk, choose to live in a secure apartment block or a gated community. This will significantly reduce your premiums.
Increase your security
The amount of security you possess will directly affect your insurance premiums. Burglar alarms, home security patrols, deadbolt locks, key secured windows are all ways of mitigating risk in home insurance. Each of these elements individually will save you money. Increasing your security also ensures that potential thieves are scared away. Even better than having good insurance is preventing the crime from happening in the first place.
Select a higher excess
As with all other insurance types you can lower your premiums by selecting a higher excess to pay in the event of a claim. Your premiums can decrease by up to 50% if you select a higher excess. If you live in a relatively low crime area then you know that you may only need to pay that excess once in 10 years. That is a small price to pay to reduce your premiums for those 10 years.
Combine your building and contents insurance
As home insurance is made up of two different kinds of policy, it can be said that if you buy both policies together you will make a saving. It is critical you have both kinds of insurance as rain damage can affect you roof tiles, your ceilings, walls and all the contents of your property. It is common for home insurance claims to consist of building and contents claims together.
Keep your home insurance policy for as long as possible
All home insurance providers offer discounts and concessions the longer you keep a policy for. As home insurance companies are very competitive, you can use your long term policy as a bargaining tool when talking to other insurance vendors. If you stay with your insurance provider or move you still would have negotiated a better rate for yourself. This can save you a lot of money immediately and save you thousands over a number of years.
