Cheap Home Insurance Costs
- A common mistake that a lot of people make when trying to reduce their home insurance costs is to under insure the building and not have the full building replacement value on their policy. Check the Total Building Replacement Cost on your home owners insurance and make sure that it is enough to rebuild your home exactly the way that it is today. It is not worth saving $10 or $20 per year on your premium if it means that you will be out of pocket $25,000 if your home is completely destroyed.
- When it comes time to renew your home insurance cover do not simply pay it without doing a little research. Every 2nd year or so you should shop around for the most competitive insurance policy and premium, to make sure that you are getting the best deal possible.
- Nowadays you can choose to have an deductible excess on your home insurance policy which can easily reduce your home insurance costs by up to 25% per year. Doing this will mean that you cannot make a claim for small amounts such as a broken window, but you will still be fully covered for large events such as a burst pipe or fire.
- If you don't already have your home and contents insurance with the same company then consider doing so because it can save you anywhere from 10-40% of the price of the premium by simply packaging the 2 insurances together. Also if you have other insurances then check if there is any further discount for having you insurance policy with them as well.
- If you are looking for cheap home insurance quotes there are some factors which will make the cost of home insurance much cheaper. There things vary from insurer to insurer but they can include such things as deadlocks on all external doors, windows locks on all windows, security alarm system and the type of building materials used in the construction of the building. Ensure that the home insurance quote that you obtain takes into account any of these extra security items that you have.
- Sometimes it is cost effective to spend some money and install new door and window locks on your house so that you can obtain a cheap home insurance premium.
- The best and most effective way to compare home insurance costs is to do so online. The good thing about online home insurance quotes is that you can play around with the options like excess amount, total building cost and security items to see which combination gives you the best home insurance price.
- A lot of insurance companies now offer you a discount off you home insurance if you purchase it online. This is because it saves them money on call centre staff so they pass this saving discount on to you.
- After you have done your research you should call the insurance companies armed with the cheapest home insurance quote that you were able to find online and then get them to try and match or better the price over the phone.
- If you have just purchased an existing home, either by auction or through a private sale, make sure that you get home owners insurance straight away. This is because if something happens to the property, such as a fire, between you signing the contract and the settlement or handover of the property a few months later it is your responsibility and you would still be required to honour the contract and purchase the property even if the house is just a pile of ashes.
We hope that you appreciate and are able to use some of the Free ideas for getting cheaper Home Insurance Costs that are provided on this site. If you would like to share your own suggestions or ideas for saving on home insurance then you can do so by clicking here.