Noone likes having to pay for homeowners insurance but it is a necessary evil for most of us. However, this does not mean you need to pay through the nose for it though and so here are 8 very simple tips to lower the cost of your homeowners insurance.
1. Take your time and shop around. By comparing prices from a number of insurance companies you will probably be able to lower your premiums by a considerable amount. This may seem to be obvious, but research has shown that a surprisingly large proportion of people either simply renew their current plan or request only one or two quotes. Many online insurance sites automatically compare dozens of policies for you thus making this one of the easiest ways to reduce your home insurance bill.
2. Purchase your insurance online. If you purchase your plan online you will often get a discount of up to 20% on normal prices as there are lower administration costs involved and the savings can be passed on to you.
3. Combine both your contents and buildings plans. A lot of insurers will allow you a discount if you arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay upfront. While the vast majority of insurance companies let you pay your premiums each month many of them will charge interest for this. So, if you are able to afford to pay a full year's premium in advance, then this will work out cheaper in the longer term.
5. Don't submit claims for small amounts of money. Putting in many small claims might raise your insurance costs because your insurance company may view you as a greater risk and raise your premiums. You may also lose any no claims discount that your policy has. Of course, you're entitled to submit a claim for anything that your policy covers but you should ask yourself if putting in a small claim is worth the hassle and any consequent future increase in costs.
6. Consider arranging for a high voluntary excess on your plan. Insurance policies feature something which is known as an 'excess' and this basically means that the plan will not pay out on claims under a certain value. in some cases if you opt to increase your excess your premiums will be reduced.
7. Increase the security on your home. Increasing your home security with better door locks, window locks, lighting, and alarm systems will often lead to lower premiums.
8. Think about reducing your level of cover. Many policies include benefits that you might not need like cover for personal items while traveling or 'free' legal advice. Examine your plan and see what parts of it you really need.
1. Take your time and shop around. By comparing prices from a number of insurance companies you will probably be able to lower your premiums by a considerable amount. This may seem to be obvious, but research has shown that a surprisingly large proportion of people either simply renew their current plan or request only one or two quotes. Many online insurance sites automatically compare dozens of policies for you thus making this one of the easiest ways to reduce your home insurance bill.
2. Purchase your insurance online. If you purchase your plan online you will often get a discount of up to 20% on normal prices as there are lower administration costs involved and the savings can be passed on to you.
3. Combine both your contents and buildings plans. A lot of insurers will allow you a discount if you arrange both types of home insurance with them and this generally works out cheaper than getting the two plans from different companies.
4. Pay upfront. While the vast majority of insurance companies let you pay your premiums each month many of them will charge interest for this. So, if you are able to afford to pay a full year's premium in advance, then this will work out cheaper in the longer term.
5. Don't submit claims for small amounts of money. Putting in many small claims might raise your insurance costs because your insurance company may view you as a greater risk and raise your premiums. You may also lose any no claims discount that your policy has. Of course, you're entitled to submit a claim for anything that your policy covers but you should ask yourself if putting in a small claim is worth the hassle and any consequent future increase in costs.
6. Consider arranging for a high voluntary excess on your plan. Insurance policies feature something which is known as an 'excess' and this basically means that the plan will not pay out on claims under a certain value. in some cases if you opt to increase your excess your premiums will be reduced.
7. Increase the security on your home. Increasing your home security with better door locks, window locks, lighting, and alarm systems will often lead to lower premiums.
8. Think about reducing your level of cover. Many policies include benefits that you might not need like cover for personal items while traveling or 'free' legal advice. Examine your plan and see what parts of it you really need.
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