Searching for cheap home insurance?
Tips for cheaper house insurance
Are you searching for a cheap home insurance quote? To help you, we have listed some of the main areas to focus on before choosing the policy to suit your needs and pocket!
Cover levels are where many people end up over-paying for their home insurance. They request a quote based on the current sales value of their property, rather than the actual rebuild costs. The rebuild cost figure could save you as much as ten per cent on your premium. If you insure your property for €400,000 and it only costs €300,000 to rebuild, the insurance company will only pay out €300,000 in the event of a claim. Don’t waste your money by insuring your property for an unnecessary amount.
The safest way of arriving at the rebuild cost is to establish the rebuilding cost per square foot or meter for similar properties in your area. The best website to assist you in this is the one run by the Society of Chartered Surveyors. See house rebuild cost calculator here.
Please note; include extensions or any modifications you make to the property in your rebuild costs estimate. If you own an apartment in a complex, the management company fee may cover all rebuild costs but not contents cover. Always read the terms and conditions carefully.
Again, overvaluing the household contents will increase the annual premium of your home insurance policy. You will only ever receive payment for the actual value of the items covered and not the valuation you put on them.
The insurance content and benefit levels may vary depending on the insurer. Consider making a list of items room by room at least once a year. This list will give you an idea of what type of cover you need. It may also save you up to 10 per cent off your annual premium.
All risks cover
All risks cover is an optional extra on your policy, it will cover specific items for damage, loss or theft when you take them outside of the home. This benefit also includes worldwide cover for up to 60 days.
This type of cover allows you to add individual items to your contents policy and specify their value. These may include bicycles, jewellery, digital cameras, gadgets and other expensive valuables. The more valuable these items, the higher the premium.
A straightforward way of bringing down your premium is to take out a policy with a high excess level. However, when you make a claim, you pay a higher amount to replace or repair the insured item. So, for instance, if your €1,000 laptop is stolen or is accidentally damaged, and you have an excess of €500 built into your policy, you will get €500 back from the insurance company leaving you to pay out the first €500. This type of higher excess will reduce your annual insurance premium. However, it will cost you more in the long run if you have to claim on the policy.
A burglar alarm may lower your premium, especially if it’s a monitored one. Always have it switched on while the property is vacant, but also at night while you are at home. Some policies may penalise you for not making proper use of the alarm to protect your property and contents in the event of a claim. Another way of reducing your annual home insurance premium is by informing the insurance company if your area is involved in a Neighbourhood Watch Scheme.
Smoke alarms, particularly those connected to your mains electricity with a backup battery, and a carbon monoxide alarm will not only protect you and your family against fire and poisonous carbon monoxide gas. It may also assist in reducing your insurance premium. Smoke alarms are cheap, and you should have at least two, one in the hall and one in the landing although many householders are now placing these lifesaving alarms in each room of the house as you can never be too safe!
Finding the most competitive quote:
Banks offering mortgages may try and sell you their home insurance package. This cover may not be the best option for you. There may be a cheaper, more appropriate insurance package available. Shop around to compare cheap house insurance quotes to get the best deal. Thank you for visiting our blog. We hope you found our cheap home insurance post helpful and informative.