8 Ways To Save On Home Insurance
Insurances are one of your key fi nancial freedom foundation elements. They are very important tools to help you on your wealth journey and serve to protect you and your assets.
The problem is, they are often things we put in place without much thought and are often forgotten about until the proverbial hits the fan. This is when many people discover to late that they are either under-insured, incorrectly insured or just plain - being ripped off . Home insurance is no exception.
The key is to make our money work hard for us and ensure that every bit of it adds value to our lives and serves us. As unsexy as insurances may seem, this is one of the areas where most people can get way more value.
Get out your home insurance policies and see if you can squeeze more juice out of them. There are numerous ways to do this and Wealth Chefs apply them all.
1. Bundle your insurance policies together. Get a quote for your home building, contents and car insurance from the same company. This should bring your individual premiums down signifi cantly. Ensure you compare each component part of the total premium, and remember, insurance is a commodity so shop around and do it every year.
2. Volunteer to pay an excess. An excess is the amount of money you must pay for each insurable event before the insurance kicks in. Choosing a higher excess can signifi cantly reduce your premium. Remember, insurance is to cover you in the event of a major event, its not a savings plan or a nice to have. So
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many people opt for a zero excess option on their insurance and then feel they should claim for every little thing the break or damage. Understand that this thinking comes at a signifi cant cost to you. Each claim you make will push your future premiums up and in extreme cases, where you make a lot of claims, may make you uninsurable with some companies. Choosing a higher excess also makes you more careful with your stuff and really shop around to get the best prices for repairs or replacement. It helps you become more fi nancially competent.
3. Limit your claims. Protect your no claims bonus, this can make a signifi cant diff erence to your premium, as much as 25-45% per year.
4. Find out if you are eligible for any discounts such as: • •
having a certain security system;
• •
•
having the home always occupied especially if you work from home; having dead locks or window locks;
having fi re extinguishes and smoke alarms;
being over 55 years;
Often, the cost of installing these items pays for itself from the reduced insurance premium. And you get a safer home. It’s a win all around.
5. Find out if you are eligible to belong to schemes for only certain groups of people. Some insurance schemes are eligible to only say professional engineers. Because engineers are generally considered pretty boring and conservative and typically make fewer claims than the general population, the whole scheme has lower premiums. hey,
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