Thursday, November 15, 2012

How to Reduce Your Home Insurance Costs

insurance (Photo credit: Alan Cleaver)
When you receive a home insurance renewal reminder from your insurance company, do you ever question it? The likelihood is that you’ll do what most of the population does and just file it away with the other insurance papers. There’s nothing for you to do; the direct debit will keep on being taken and you will remain covered. 

However, if you take the time to look at the reminder, you’ll probably notice that the premium is more than you paid last year, whether or not you’ve made any claims. So, instead of just filing it away, it’s a sensible idea to take the time to get a few different comparison home contents and building insurance quotes to make sure you’re still getting the best deal available.

Although this can be a bit tedious, you may end up saving quite a lot simply by switching insurer. Price comparison websites make the process a lot easier than it used to be as you only need to put in all your details once. If you don’t like doing things online, you can call insurers directly for a house insurance quote – and this is sometimes easier as the person on the end of the phone can clarify any queries you may have.

If you find the quotes are still coming in as high as your current policy, there are ways to reduce the premiums including offering to pay a higher voluntary excess than the standard required excess and reducing the contents cover to the minimum level (provided that it still gives you adequate cover for the contents you have). You can also expect a discount if you have a security alarm fitted, security locks on the windows and doors and smoke detectors fitted in every room.

And remember, if you get a lower quote from another insurance company, you could always try going back to your current insurer and asking if they will match the lower quote to keep you as a customer.

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