Lets face it, nobody likes paying bills! So we have come up with six tips that could help reduce your bill when it comes to your home insurance renewal. Read the tips below and if you follow them, chances are, it will work to your benefit when it comes to renewing your home insurance.
1. Home Insurance Excess
The more you are willing to contribute to a claim in the form of an excess, the higher the likelihood of the insurer being willing to give a discount. These discounts can range up to 10% depending the policy, insurer and level of excess.
2. Lock in a long term rate
The benefits of locking in the rate for 2 years for instance – discounts are applied for the longer term plus your premium won’t increase after 1 year so you are insulated for premium changes from the market or as a result of claims withing the first year. It also allows you to better budget if you are paying in full or by direct debit.
3. Buildings sum insured
Don’t confuse the rebuild cost with the value of the house, they are very different figures and more often than not people insure the value without realising. This will cost you unnecessarily plus you wont get the extra cover in the of a claim. Your local auctioneer can confirm the buildings cover you need for free.
4. Contents Sum insured
The contents sum insured value can also be a way to save, do an inventory of your belongings in the house to get an accurate value needed by the contents sum insured otherwise you could be over or under insured and you only find this out in the event of a claim when its too late. There are resources available like contents inventory forms on company websites to help you list your contents.
5. The most appropriate cover
With a lot of homes having multiple smart phones and tablets nowadays, it may be wiser to cover these items on a separate specific gadget policy. This would reduce the need to specify them under the optional All Risks cover with your home insurance, which can be expensive. Also if you have increased your excess to get a discount from the insurer then your phone or tablet may be under the threshold so may not be covered or if they are covered then a claim could wipe out your No Claims Discount and increase the insurance cost at renewal.
Having a monitored and rated Alarm system installed will decrease the cost of your home insurance. These types of systems can reduce risk to the insurer by having a service on stand by to deter break ins and depending on your system can alert the fire brigade in the event of fire so can mitigate the cost of the overall claim if the house was empty when a fire broke out.
These six handy tips should help you when it comes to renewing your home insurance policy.
You could easily save money by getting a great value quote on 2 year home insurance with Blue Insurance. We also currently offer some great savings on a 1 and 2 year car insurance policy! For more news, offers and content don’t forget to follow us on Facebook, Twitter and Instagram.