How to save on your home insurance
Are you looking for cheap home insurance? Well look no further.
Our homes are one of the most important (and expensive) things in our lives, so we’re not suggesting you should compromise on cover. However we understand you want to protect it (and it’s contents) without breaking the bank.
There are many factors that influence the cost of your home insurance. Many of them are out of your control …you can’t just pick up your house and move it to another location now can you!? But there is good news - we’re here to tell you there are plenty of ways to keep costs down.
Here’s 7 top ways you can save on your home insurance without losing out on vital cover:
1. Buy online
Many insurers in Australia offer discounts (around 20%) if you buy online. You might be able to save further by using the same insurer for your home, car or even your travel insurance too, and asking for discounts for loyalty.
2. Compare and save
It's easy to buy home insurance when you first move and then forget all about it. The insurance market is very competitive which means there are deals out there to be found. Using an insurance comparison website is an easy way to compare multiple policies in the same place. Compare providers and policies and see how much you could save on your home insurance today.
3. Don’t pay for cover you don’t need
The amount of coverage you select will affect the price of your insurance, so don’t pay for extras you don’t need. For example, if you live on top of a hill with no rivers around for miles, there is little point paying for flood cover if that’s very unlikely to happen in your area. On the flip side of this, it would be much better to be slightly over-insured than under-insured. Not having the right amount of cover means your home will not have the proper protection in a time of need, and you’ll end up paying more later.
4. Increase your excess
When you buy your policy you can lower the cost of your premiums by opting to pay a higher excess if you need to make a claim. This sounds all well and good, but it isn’t the ideal option for everyone. If you need to make a claim, you’ll be paying more then. In a nutshell, there’s little point paying for insurance at all if you cannot afford to make a claim!
5. Secure your home
The more ways in which you go out of your way to secure your home, the less your premiums will be. Safety features like security alarms, deadlocks or smoke alarms will all help towards cheaper home insurance premiums. You can also install a safe to keep valuable items in.
Safety tip: Don’t advertise when you are out of town; get you neighbours to keep an eye on your property; and hide all your spare keys.
6. Don’t leave things to run down
Home insurance doesn’t cover for general wear and tear, or any slow deterioration of your property that could reasonably been expected to be fixed before causing too much damage. Keep on top of small repairs to avoid costs later down the track.
7. Consider if you need to claim
You are probably more than aware of car insurance no claims discounts. This goes for home insurance too. The longer you go without making a claim, the less your premiums will be.
Factors you cannot easily control
Location location location
Where you live will determine how much your insurance will cost. If you live in an area prone to bush fires or a high crime rate for example, your policy is likely to be higher.
Your home’s age and type of construction
Older homes are more likely to have problems when it comes to plumbing and electrics so there might be a cost associated to the year your house was built. Newer properties are less likely to have these problems, so could have cheaper premiums.
Need some more advice? Check out our beginners guide to home insurance for more top tips.
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