Home Insurance covers your home from any unforeseen events like burglary, fire, etc. Buying house insurance is extremely important but it is an added expense to your yearly budget.
When you buy home insurance online you can easily compare the premium and find the best quote. There are popular home insurance comparison sites like theaa.ie ideally meant for that. They help you to find the cheapest house insurance quotes after comparing it with other company quotes.
You cannot avoid the cost of Insurance as it is mandated by the mortgage provider. However, there are ways to save money on your home insurance premium.
Let us explore each one of them from the beginning.
- Never buy Home Insurance from the Mortgage provider as there are cheap deals available. Spend some time searching online, and you can easily get a few of them.
- Don’t over-insure your property. You can save a lot of money if you estimate the value of your contents accurately before insuring them. For the building insurance, insure only the cost of rebuilding your property. In this way, you can save on insurance premium.
- Try to buy the building insurance and the contents insurance from separate insurance providers. Although you need to manage two separate renewals, the chance to get a better deal is higher.
- Make sure you opt for annual premium paying mode instead of paying monthly. There is an additional administration fee if you opt for monthly premium payment mode. You can easily save these admin fees by paying the home insurance premium annually.
- You can save a lot of money if you build up a no-claim bonus. Your insurance provider would be happy to offer you a discount on renewal premiums if there was no claim in the previous years.
- You can reduce the cost of insurance if you protect your property by installing a burglar alarm, fire secure locks, smoke alarms, etc. Insuring a property with these safety measures reduces the risk of a claim. Thus, your insurer will be happy to offer you a discounted premium. This is another proven tip to save money on your home insurance premium.
- You might buy additional insurance products like car insurance from the same insurer along with your Home Insurance. Most of the insurance company will be happy to offer you an additional discount if you combine different Insurance products and buy from them.
Home Insurance is extremely important and forms a part of your fixed expenses. If your property and the contents are insured, you can always have a peace of mind. If you are worried about the cost, start following the given tips to save money on your home insurance premium.