A recent report from AA Ireland highlighted that almost 1 in 3 homeowners have experienced some level of difficulty in finding affordable home insurance. However, in good news for homeowners there are some simple steps you can take to help reduce what you pay for home insurance.
While reviewing the details of your policy may seem like an obvious step, it’s also one many homeowners overlook. At each renewal period it’s important to check the details of your cover as your circumstances may change year-on-year. For example, the value of the contents you own may have reduced or some of the contents you previously insured may no longer be in your possession. Keeping the information you provide to your insurer up to date and as accurate as possible will have guarantee you get cover at the best price.
When it comes to home insurance, deciding on the value to insure the property for can be difficult. In fact, many people will opt to insure their home for its market value or the amount they paid for the property when purchasing it. However, doing this may result in you paying a higher premium unnecessarily.
When insuring your home, the important question is how much would it cost to rebuild the property? This figure will give you a much more accurate value for how much to insure your property for, and as it’s likely to be lower than the current market price could help you save on your premium.
A safe home is a happy home and making your home more secure against burglary can not only give you some peace of mind but also leave a little extra cash in your pocket. Fitting a monitored home alarm will be viewed positively by your insurer and if combined with steps to protect your home from weather damage, such as flood prevention measures, will help you keep the cost of home insurance low and your bank balance high.
If you feel that you are unlikely to make a claim on your home insurance policy, then increasing what you pay in terms of excess can help reduce your overall premium costs. Excess represents the amount you will have to pay if you ever make a claim, with the remaining amount being covered by your insurer. Paying a higher excess will usually result in lower premiums, but may not be for you if you believe you are likely to make a claim in the future.
Are you in the market for home insurance? With AA Home Insurance you can currently get a €60 discount on any online quote as well as a €50 online shopping voucher if you take out a policy.