Have you made up your mind about buying a home insurance policy? That’s a smart decision. Your home insurance premium is a small price to pay, to protect your home and guarantee you peace of mind. But there are ways to trim your costs.
Here are five tips to help you save money on your home insurance premiums.
Raise your excess
The ‘excess’ or ‘deductible’ is the percentage or portion of the claim that the policyholder has to pay from his or her own pocket. And as is the case with all insurance policies, the higher the deductible, the lower will be the premium. If you agree to a higher deductible at the time of buying your home insurance policy, you could save a considerable amount on your annual premium.
[Related: Breaking Down Your Home Insurance Policy]
But if you choose to increase your deductible, be prepared to take on a higher financial burden if you ever have to make a claim. Make sure you have an emergency fund in place to cover such potential expenses.
If you own your home, and are looking to insure the building, it is important that you estimate its correct value at the time of buying the insurance policy. Take into account the cost of rebuilding your home and not its market value. Get in touch with the insurer to simplify this estimation for you, as they would have insured other homes in your neighborhood too.
You must also avoid over-insuring when you’re buying home contents insurance. If you over-estimate the value of your home contents and personal possessions, you will automatically end up taking out a higher cover than you actually need. That’s going to drive up your annual premium.
Take Home Maintenance Seriously
If you take the time and effort to fix the usual home maintenance issues like leaky pipes, faulty wiring, worn out structures, you can eventually avoid big threats like electrical fires, flooding due to pipe bursts and so on. And by avoiding such incidents and resulting claims, you can keep your subsequent home insurance premiums low.
Bundle Your Insurance Policies
Various insurance providers offer a good discount if you buy more than one insurance policy from them. So if you already have a car insurance policy with a certain insurance company, buying a home, health and travel insurance policy from them could shave a few hundred dirhams off your total premium bill.
Finally, don’t forget to shop around before you buy a home insurance policy. It pays to compare quotes from different providers, and you could end up finding some lucrative deals and discounts if you do some research beforehand.
And the best part – You can find the ideal coverage for your home at the best rate, without even having to leave your home or office. Simply compare home insurance quotes from multiple providers here.