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How To Get Affordable Home Insurance
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There are a few ways you could get cheap home insurance apart from home insurance quotes.
However, you, should know that not all cheap home insurance might guarantee the best protection for your home. Nevertheless, here are a few things you could do to cut down on your home insurance bills:
There are a few ways you could get cheap home insurance apart from home insurance quotes.
However, you, should know that not all cheap home insurance might guarantee the best protection for your home. Nevertheless, here are a few things you could do to cut down on your home insurance bills:
1. Use a valuation calculator
Thoroughly assessing whether the value of your buildings and contents insurance is correct could help you get cheap home insurance instantly.
Many policyholders overpay for their home insurance by incorrectly calculating the value of their buildings and contents.
When setting the value of the building itself, you need to give the rebuild value (the cost of rebuilding the property from scratch) and not the higher market value (what it would cost to buy the property if it was for sale).
To get an idea of the rebuild value of your building, try using the Association of British Insurers’ calculator or a commissioned survey’s valuation.
Meanwhile, be careful not to underinsure your contents in an attempt to get cheap home insurance. Failing to insure the true value of all your contents will leave you out of pocket if you need to make a claim.
Consider all the items you have and what it might cost to replace them with new equivalent goods.
2. Pay annually for your home insurance (if you can afford it)
Once it’s time to buy your home insurance, you’ll be given the option of paying annually or monthly. While installments may seem like a good way to spread the cost, it usually ends up being more expensive.
Paying monthly is essentially taking a loan, usually at high interest, from your provider. APR varies, but it can be as high as 40%. Always check pay-monthly fees and compare the cost against the annual cover.
It’s not always clear on comparison sites what APR you’d pay, so check with the insurer directly before accepting a quote.
3. Top cheap home insurance tip: set the correct excess
Adjusting your level of excess – the amount you have to pay in the event of a claim – could help you get cheaper home insurance.
If you’re willing to pay more on your excess, your insurer will reward you with a more affordable premium.
However, make sure to select your excess carefully. Setting the bar too high, especially if it starts getting too close to your claims limit, might make claiming on your insurance either pointless or too expensive.
4. Shop around and haggle for the best choice
Home insurance providers often save their best offers for new customers and push up premiums for their loyal policyholders.
Rather than just allowing your policy to roll over into another year, shop around to see if you can cut your costs and get a cheaper premium.
If you want to stay with your current provider, you can use cheap home insurance deals elsewhere as leverage when haggling.
There are limitless home insurances out there, but you should know that getting the best depends on your diligent research. Good luck!
