Whether you own your home or rent, it’s always advisable to have contents insurance. In the result of a break-in, a natural disaster such as a flood or criminal damage such as arson, it means that the cost of your possessions are covered. You can even insure yourself against accidental damage, for example, if you trip and fall into your tv or put something in the washing machine that breaks the drum! But as with anything, you don’t want to be paying over the odds. Thankfully there are a few ways you can bring down the cost while still having the peace of mind of being insured.
The beauty of the internet is that you can quickly and easily shop around. Don’t just insure through your mortgage provider for convenience, run some figures through a comparison website and work out the best deal for you. Be sure to read all of the small print, so you know exactly what you’re covered for. For example, many insurers won’t pay out if they don’t believe you have taken reasonable care to look after your possessions. This could involve leaving doors or windows unlocked. Find out what you’re covered for so you can be careful not to invalidate it.
Get a Burglar Alarm Professionally Fitted
Many insurers will drop the cost of your insurance if your home is protected by a burglar alarm. You will need to have this professionally fitted for your insurer to take it into account, so find a company who specialises in alarm systems. This is beneficial for you as you have peace of mind that your home is protected by the alarm and you’ll pay less on your insurance too. They are one of the best ways you can protect against burglars as they’re so effective. Thieves simply won’t stick around once an alarm goes off as there’s too much of a risk of them being seen and caught.
Increase Your Excess
This is the amount you will have to pay before your insurer will pay out. While it will be a ding in your wallet if you do need to make a claim, providing it’s still affordable then it’s a lot cheaper than having to replace everything you own. And doing this means you bring down the cost of your insurance.
The same is true for just about anything you buy- paying for it upfront for the year will work out cheaper than paying monthly. If you can afford to do this, then you’ll save yourself a chunk of cash. There are often additional fees when the policy is paid monthly.
Build Up Your No Claims Bonus
Just like with car insurance, you can build up a no claims bonus with home insurance. This will give you money off for every year you don’t make a claim. For this reason, any minor damage or losses may be cheaper to pay for yourself privately instead of going through your insurance. It’s much better used for larger incidents where the damage is more than you can reasonably afford to pay yourself.