Organising and paying for your home insurance can be a financial nightmare, especially if you’re not entirely sure what you’re doing.

There are lots of little ways that you can reduce the cost of your home insurance but you need to know how.

Here are my top tips:

Increase your excess

By making the decision to increase your excess you can make big savings on your premium payments.


Increase your security

Some insurance companies offer better premiums to clients who increase their home security measures. Consider adding things like external home monitors, alarms and dead bolts on windows and doors. By spending a little extra money on home security systems you can reduce your premiums on your home and contents insurance.


Shop around & compare prices

Many people simply sign up for home and contents insurance, without thinking about how much it costs. Don’t pay the same premium year on year without first checking whether you’re getting a deal which suits you. You could save hundreds of dollars.


Do your research before you move

If you’re moving to a new city, research which areas have low crime rates and look into finding a home in those areas. High crime risk areas will increase your monthly premiums so if you’re looking to save some cash on your home insurance it’s best to stick to the safer suburbs in your city.


Correctly calculate your insurance needs

When making estimates on what your belongings are worth, be thorough. You don’t want to be paying increased fees for items that aren’t worth as much as you think they are, or accidentally underestimate what they are worth.


Switch from monthly to annual payments

Many companies will offer a discount if you pay your premiums annually rather than monthly. You’re probably going to be paying for home and contents insurance for most of your adult life and you can save a significant amount of money by bulk paying for your insurance.


Combine you home & contents insurance with other products (like car insurance)

Some insurance companies will create bundle packages for you. So, for example, if you have your car insurance covered by the same company that does your home and contents insurance they might offer a multi-policy discount.


This article was originally published via by Budget Direct 17 FEB 2014



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