How to Trim Down Home Insurance Costs
insurance (Photo credit: Alan Cleaver)
When you look into getting a home insurance quote, the initial prices you get back may seem rather expensive. However, don’t think that you just have to accept the price you are given.
Often, insurance companies will include the cost of optional extras on your quote that you may or may not decide to have when you choose a policy. This will increase the initial quote you receive. For home insurance these extra items include things like home emergency cover, personal possessions cover and accidental damage cover.
- Home emergency is for those unexpected emergencies like a boiler breakdown or a flooded hot water tank and the consequent damage that might cause. If you have home emergency cover, your insurance company will arrange a tradesman to come and carry out repairs at short notice, and cover the costs of their labour and materials used up to a fixed amount.
- Personal possessions cover is for when you take items out of your home with you – mobile phone, camera, handbag or bicycle – and it will provide cover for the loss, theft or damage of any of these items. Without personal possessions cover, your home insurance only covers items normally kept at your home address and doesn’t cover those items when you take them out with you.
- Accidental damage cover is for those mishaps that can happen to anyone. It’s to cover damage caused by the insured person or people in their household. For example, if your toddler knocked the TV off its stand, then accidental damage cover would mean that the TV was insured against this kind of accident.
These kinds of extras add to your annual policy costs, but even if you used one of them once, they would easily pay for themselves in the first claim. However, if you want to keep your premiums lower, you can opt not to have any extras on your home insurance.
It’s also a good idea to get a combined home insurance quote rather than separate contents and buildings insurance quotes as most insurers will offer a discount for a combined policy.
Choosing to pay an increased voluntary excess should also reduce your quote, as will lowering the value of the home contents cover.
The important thing is not to blindly accept the first quote you get. Make sure you have some comparison quotes and go through each quote to see if you can trim down the total cost of the premium before deciding which one to go ahead with.
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