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All about home insurance
Insurance is one of those things where you’re damned if you do and your damned if you don’t. The chances of making a claim are pretty small, but when disaster does strike the cost of doing the necessary repairs and even rebuilding work yourself will make the cost of insurance pale into insignificance.
Home insurance doesn’t have to be expensive. There are ways to keep costs down whilst still maximising cover and protecting yourself against the worst. Here we have put together a list of ways to save money on your home insurance.
Type of cover
Home insurance is a broad umbrella term for both contents and buildings insurance. You can buy each type of insurance cover separately, but in most cases it is far cheaper, not to mention more convenient, if you buy combined buildings and contents cover. Many insurers will slash up to 20% off the overall price if you choose to combine policies.
Lower your risk level
There are few things you can do around the home which lower the risk of damage for your insurer. The best way is to install a burglar alarm. NACOSS approved alarms for example can mean you’ll qualify for a 7.5% discount on your home insurance. Likewise, installing security lights and dead locks can further lower your premium by up to 5%.
Although to the uninitiated, the neighbourhood watch may look like a group of curtain twitches, it is actually one of the best ways of improving security and safety throughout the entire street. You’ll also get up to 10% off you home insurance, depending on the area you live in.
How you pay
Whenever possible pay annually in one lump sum. You pay for the benefit of paying in monthly instalment as insurers usually factor interest into monthly payments.
Premium vs. excess
If you want to lower your annual premium and are quite sure you aren’t going to make any small claims, you can opt to increase the amount you have to pay towards a claim, known as the excess. By doing this, the insurer has less risk therefore you pay less for your insurance.
No claims bonus
Along the same lines, wherever possible avoiding making small and minor claims. A no claims bonus can accrue up to 75% discount over several years, making your insurance costs almost zilch.
Check out Co-operative Insurance for award winning house insurance.
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