10 Ways to Save on Home Insurance

10 Ways to Save on Home Insurance

It does not matter if you are buying a home for the first time, moving to a smaller space, or recently experienced an increase in the cost of your home insurance, we have got the best tips to help you get the right insurance at the price. Let’s have good look on 10 ways to save on home insurance for evaluation.

10 Ways to Save on Home Insurance

1- All beautiful, brand new

If you are looking for a home and you have the choice between a new construction and an old house, keep in mind that many insurers offer discounts or low premiums on policies for new homes. It makes sense — the majority of new builds are under warranty and repairs are generally not necessary for the first few years. For an insurer, this means fewer claims. Building age is just one of seven things that can affect your insurance.

2- Avoid the bank (if possible for you).

If you have a large enough amount of money set aside for a down payment, consider buying a cheaper, mortgage-free home. You could even benefit from a discount from your insurer and save money.

3- Remember that sometimes too much is not enough.

Make sure everything is protected. However, it is important to avoid over-insuring your home and belongings. Consider carefully what types of coverage you need and choose accordingly. For expert advice on the right amount of insurance to meet your needs, contact a qualified insurance broker.

4- Opt for a higher deductible.

One of the best ways to reduce your premium is to agree to pay a higher deductible in the event of a claim. It is a bit like a seesaw — the higher your deductible, the lower your premium will be. However, make sure you are able to pay the chosen amount of the deductible in the event of a claim.

5- Keep complaints to a minimum. 

Sure, you want your homeowner’s insurance to cover you when you really need it, but remember that many insurers offer a discount to customers who have not had a claim for a certain number of years. It can pay off to see if a low-value loss is worth claiming or if it is better to pay for it out of pocket and still have no claims on your file.

6- Combine your home and auto insurance policies.

The majority of insurers offer incentives to loyal customers. Take advantage of these incentives by contracting your home and auto insurance with the same insurer.

7- Accept your age. 

Insurance companies appreciate owners of a certain age — and why not? You are generally better off financially and have a more stable lifestyle. If you are over 45, you will probably benefit from a reduction in your home insurance premium.

8- Secure the perimeter.

Install at least one CCTV or closed-circuit security system to reduce the risk of break-ins. You will also reduce the risk of damage and theft. Insurance companies will thank you with a discount.

9- Make your home more resistant to damage.

Certain types of renovations can even reduce your home insurance premium. For example, install a sump pump or a backwater valve (or both!) to reduce the risk of water damage and, in turn, your home insurance premium. Discover five other types of renovations that could reduce your insurance premium.

10- Shop with the help of a broker. 

Why pay more? A broker will listen to your needs and find insurance options at various prices. They can also tell you about other discounts and savings you might not have thought of — all at no upfront cost for these consultations. Speak to a broker today.

Save more on home insurance

Have you noticed an increase in your home insurance premium despite your attempts to save? While in some cases this may be due to factors over which you have control, in other cases it stems from causes that affect all policyholders in the country. Find out the reasons that could explain an increase in your home insurance premium.