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Thursday, 12 March 2015

9 Tips to help lower your home insurance

9 Tips to help lower your home insurance
Insuring your home is a must, content insurance as well as building insurance help protect you against fire, burglary and natural disasters. With insurance in place one can be rest assured that they have the adequate cover in place to replace and rebuild. However, home insurance can be expensive if you do not supply the correct information.

Here are 9 top tips on how to avoid overpaying on home insurance;

1. Add insurance approved locks on all windows and doors – then make sure you use them to keep your insurance validated. Let your insurer know so they can apply a discount.
2. Add a burglar alarm – not only does this add piece of mind but a burglar also helps lower insurance premiums, but of course make sure you use it. Again, let your insurer know of the precaution you have taken.
3. Increase your premium excess – in most cases this will instantly lower your premium. Make sure you are comfortable with the excess, as this is what you will have to pay if you have to make a claim.
4. Join up to your local neighbourhood watch scheme - Some insurers offer discounts if you live in a neighbourhood watch area.
5. Try to avoid making claims – no claims history will help insurance companies give you a better rate. It is better not to make claim for small or low value items.
6. Accurately state your age – the older you are the less likely you are to make a claim, this is according to insurers.
7. Extra Precautions – add a safe to the house and let your insurance company know.
8. Describe your lifestyle – insurers tend to give better discounts to those who do not smoke, drink or have pets, so accurately and honestly describe your lifestyle.
9. When it comes to renewal, do not just go with your current provider, always shop around and ask for discounts.
Other tips include, making sure you do not over value your home, building or contents. By over estimating you will only be paying an extra premium, the insurer will only pay out the market value. Check the policy for additional cover items such as “lost keys” if you do not need this cover ask for it to be removed and a discount applied.
Avoid covering items twice, for example your mobile phone may be protected by your bank account already therefore your home insurance policy does not need to, again remove this and ask for a discount to be applied.

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