No one likes paying more than they need to for home insurance, but it’s a necessary evil for most of us. This doesn’t mean you have to pay through the nose for it though – try these easy tips for cheaper home insurance and see how much you could reduce your premiums by.
What Is Homeowners Insurance All About?
Homeowners insurance has two main parts or coverage, property, and liability.
The liability portion of your renters’ or homeowner’s coverage will be similar, so both renters and homeowners should pay attention.
The personal liability section of a renter’ or homeowner’s policy protects against accidents or injuries for which you may be liable that occur in, on, or around, your premises. The policy covers bodily injury, personal injury, and property damage.
Liability is defined as a legal obligation to another party. A renter or homeowner can be held legally responsible for injury or damages caused to another party at your home or apartment. You will only be held accountable (liable) for an accident, injury, or property damage if you caused the accident, or if you failed to ensure that your home was in safe condition. The policy states that it will pay on behalf of the homeowner for damages that are covered under the policy.
The typical homeowner’s insurance policy also covers damage to the building and personal property resulting from fire, windstorm, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere which the structure is being repaired or rebuilt.
When you insure your home for property loss, you are really insuring three distinct things:
- The structure of your home
- Your personal belongings
- Los of use and extra expense
How To Get The Best Combination Of Coverage, Price, and Service
Let Us Shop For You
By comparing prices from several insurance companies, you’ll probably be able to reduce your premiums by a substantial amount. This may seem obvious, but research has shown that a surprisingly large proportion of people either just renew their current policy, or get only one or two quotes. We will compare dozens of policies for you, making this one of the easiest ways to reduce your insurance bill.
Combine your buildings and personal property coverage
Many insurers will give you a discount if you take out both types of home insurance with them, and this usually works out cheaper than getting the two kinds of policies from different companies.
Although most insurers let you pay your premium in monthly installments, many will charge interest for this. If you can afford to pay a full year’s premium in advance, then this will work out cheaper in the long run.
Don’t make a claim for small amounts
Making many small claims can increase your insurance costs, as your insurer may see you as a greater risk and increase your premiums. You will also lose any no claims discount your policy has. Of course, you’re entitled to claim for anything your policy covers, but ask yourself if making a small claim is really worth the hassle and possible future costs.
Increase your home security
Beefing up your home security with better door locks, window locks, outdoor lighting, and alarm systems can all result in lower premiums. Ask your insurer what you could do to get extra discounts.
Reduce your coverage
Many policies feature benefits that you might not need, such as cover for personal possessions while traveling or ‘free’ legal advice. Look through your policy and see what parts of it you need – by cutting your cover down to a size you may be able to reduce your premium.
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