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It is a common misconception in Australia that it is not possible to save money when choosing a home insurance policy without cutting corners and endangering your property or possessions. However, there are some great ways to get comprehensive cover for a low cost that can give you piece of mind and great savings.
A simple way to lower your premium instantly is to learn the difference between the sum that you paid for your house and rebuilding costs. The more expensive your house is, the higher your premium will be.
The price of the area of land below your house is included in the price you bought it for. This, of course, is not at risk of storm damage, fire or theft – therefore, you shouldn’t include this value when deciding how much home insurance to buy. If you do, your premium will be greater and will provide you with no extra coverage.
A good way to lower the cost of buildings insurance is to find out from your insurer what steps you can take to make your home more disaster-resistant. The idea behind this is that the less likely your home is to become damaged, the less likely it is that an insurer will have to cough up cash, resulting in your premium becoming lower. Some good ideas are to install fire alarms with sprinklers, reinforce your roof with stronger materials or modernise old heating and plumbing systems that have the potential to malfunction and cause damage.
You can save money on contents insurance by making your home more secure. This can be done by implementing an alarm system and dead-bolt locks to deter burglars. These additions to your home security can help you save a substantial amount of money on your home insurance policy.
You should always seek discounts in your home insurance. Different insurers will offer different discounts and it is always worth asking around. Remember: if you don’t ask, you won’t receive! An example of a discount may be a reduced premium for retired people. Because they stay at home more and are therefore less likely to be burgled and also may have a better chance of being present to stop a fire as soon as it begins.
Try to stay with the same insurer for different policies because you may be offered a percentage discount in your insurance. For example, if you buy your home insurance from the same provider as your car or life insurance, you could be in line for money off your premiums. However, it is worth checking first whether it is cheaper to do this or use policies from multiple insurance providers. Shopping around is just as important as everything else when trying to save money on your home insurance.
You should now be equipped with some basic knowledge on how to lower your premium and save money on your home insurance without buying a policy that covers you for less. This means that you can still feel as safe and secure as you did before taking advantage of these tips, but with the knowledge that the whole thing is costing you a lot less.