Reducing the cost of your home insurance
Your home is often your most valuable asset that you need to protect. Here is a list (Part 1) of ways that you can save money on your home insurance. As a broker, we deal with thousands of policies every year and we say what can make a difference to your insurance.
1. Change your content coverage: Are you renting? You can often lower your content coverage. No need to insure your belongings to up to €100,000 if you only have a tablet computer and some 2nd Hand Furniture. Be realistic about the value of your items
2. Make note of structural changs: Renovating any aspect of your home can result in reductions home insurance premiums. Home insurance costs for older and poorly maintained houses can mean higher premium. Even if you have made small adjustments, mention it at quote time – i.e repairing a roof etc.
3. Shop around: As your broker – thats our job – we search all the insurance providers for the best quote for you. Insurance is a commodity item that we would all like to do without. It is however, necessary so make sure you are getting the right coverage for as little as possible.
4. Some insurance companies offer deals if you have more than one policy with them, like car insurance – make sure you have your other policies to hand when searching for home insurance.
5. If your home is a new home, some insurers may have incentives – you sometimes have to ask or even prompt the insurance company – do not assume that they will ask you.
6. No-Claims discount: Insurers will know what your history is with them but it also pays to remind them and ask for your no claims – this is not as common on house insurance but it sometimes exists
7. Mortgage-free home: if you have paid house off in full, insurers may reward you with lower premiums.
8. Annual vs. monthly payments: while it is often easier to pay monthly, insurers prefer to get the full payment in advance – It is more cost effective for them and very often they will reward with a discount.
9. Now may be a good time to quit smoking – Insurance companies sometimes consider smokers to be a higher risk in terms of fire.
10. Claim History – Insurance is there to protect your home from any unexpected accident. Theses do happen. However, making a claim for every incident can increase your premium so it may be worth covering some of the smaller incidentals yourself.
11. When you are insuring your home, you must insure for the re-build cost and not the market cost. Over the past 10 years in Ireland, house prices have recovered and some now have a market valuation higher than the build cost. This can affect your premium.
12. If you are pricing insurance before you move into or buy a house, make sure the location is not high risk i.e flooding, high crime rates
13. Installing an alarm, which often act as a deterrent to burglars can reduce your home insurance premium.
Call Gleeson Insurance on 065 684 9666 for a competitve quote today.