If you want to insure your home but feel that the premiums are too high for financial comfort then you might only end up compromising on your insurance policy by canceling a few key features of your policy. This might leave both you and your home literally exposed in case any natural or man-made disaster strikes your home or its contents. Instead of trying to cut vital corners while insuring your home you should use these few tips to cut down on your premiums.
The first tip is to install adequate security equipment including alarm systems and CCTV cameras in your home. This will not only deter any thieves but also record the chain of events to some extent in case of any disaster or burglary. You can start by installing an anti-theft alarm system or a burglar alarm system along with fire detection and alarm system approved by the insurance company. This will allow you to get a discount in your premiums.
You should also install security lights in and around your property and can even become a member of your neighbourhood watch scheme. This too will qualify you for an additional discount in your premiums. If you live in a neighbourhood that has a very low crime rate then this feature could automatically earn you a hefty discount in your premiums.
You should also stick to an insurance company that offers a no claim discount since your premiums would certainly reduce over the years if you do not make any claim. You can make small repairs on your own without running to your insurer with a claim since this will allow you to increase your no claims bonus with each passing year.
You can also get additional discounts by trying to include as many features as you can in your home and contents policy. You can also engage the same insurance company to insure your business premises and if possible your car too. This move will surely compel your insurer to pass on a hefty discount to you. You can also try to raise the standard policy excess if you can. In case you are able to cover the majority of your claim then your premiums will definitely get reduced.
Instead of simply relying on one or two quotes from different companies, you should try to get at least three or four quotes from various insurers. This will provide you with a wider choice and also help in further negotiating the rates. You can also check on all inclusions and exclusions before making up your mind. However, do not let premium rates be the only deciding factor in choosing the right home insurance company. Instead, give equal importance to cover as well as the reputation of the chosen insurer since you need to quickly receive your policy amount in case you file a claim.
Insuring a home is a critical move that should not be avoided or compromised by you at any cost. If you are on a tight budget then you can still get adequate home insurance cover by following the above tips. These tips will help you to save money initially and also keep you saving more with each consecutive year. A little effort from your side will surely result in a noticeable reduction in your premium rates.
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