Don't Be Afraid To Shop Around
Just like shopping for anything, it is always best to have a look around and ensure that you are getting the most out of the money you are spending. Some government insurance policies will be priced differently to those of private companies, and different benefits or restrictions may apply. The Internet is a good place to start, and by comparing companies' prices and asking for quotes, you may be able to find a better deal that is exactly suited to your needs.
Review Your Policy Annually
Instead of automatically renewing your policy each year, consider reviewing the service you have received or the claims you have made, and check if the premium has increased. Compare your policy with others currently on the market and see where you stand. You can contact your insurance agent with any questions you have, and remember to ask if you are eligible for any discounts.
Ask About Discounts
Don't be shy about asking for a reduction. Insurers might reduce your premiums if you are retired, if you have been a faithful long-term customer, if your security system is sound, or if you are involved in a company scheme that offers special group prices for employees.
Combine Multiple Policies With One Insurer
Insurance companies often offer discounts if you take out two or more policies with them, decreasing your expenses by as much as 15% in some cases. It is always worth checking whether it is cheaper to insure your home with a separate company or with the provider of your car, life or health insurance.
Increase Your Deductible Or Excess
In the event of having to claim insurance on your home, the deductible (or excess) is the amount you have to pay initially before the insurer starts to pay. If you choose to have a low deductible rate, your policy premium will be higher and you will have to pay more each month to maintain your policy. Some customers are willing to accept that a higher deductible might seem a lot to pay when making a claim, but that it is worth it because their regular premiums are lower. The overall cost of a policy may be reduced in this way by up to 25%.
Take Into Account Natural Disasters
Natural disasters can occur without warning at any time, leaving homeowners at a disadvantage if they are uninsured. However, insurers are wise to high-risk zones, and if you decide to live in an area prone to bush fires, earthquakes, storms, tsunamis, floods or coastal erosion, you will probably be forced to pay more.
Buying property in low-risk areas is one way to manage this problem, but it is not always possible. Insurance agents should be able to advise you on how to reduce your exposure to natural disasters and therefore lower the price of your premium. For instance, storm shutters, reinforced roofing, retrofitting to enable older houses to stand in earthquakes, improved drainage, or modernized electrical and plumbing systems can all help to reduce the chance of damage.
Take Care Of Security
Some insurers offer discounts if your smoke alarms, fire extinguishers and security systems are up to date. Sometimes there are further reductions if you have more sophisticated methods of keeping your home safe, such as a sprinkler system and a monitored alarm linked to a security company or to the police.
Manage Your Credit Well
If you have a good credit record then you may be in line for further savings because insurers can use this information to determine premiums. Maintain a good Credit rating by paying bills promptly and not relying too heavily on overdrafts or multiple Credit Cards in your day-to-day money management.
Don't Include Specific Cover That Is Irrelevant To Your Situation
Check your policy carefully to be sure that you are not paying for coverage for situations that do not apply in your case, such as tsunami insurance if you live a long way inland, dangerous dog liability cover if you no longer have an animal, or insurance for old electrical fittings if you know your house has been renovated.
Make The Market Work For You
The insurance market is a competitive place, and while insurers need to be careful with their funds, they also want your custom. The bottom line is to be bold enough to shop around and find the policies and the companies that work best for you, giving you the peace of mind you need to feel secure in your own home.
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