Getcover.com recently ran a survey to find out how customers go about getting and maintaining their home insurance and it makes for interesting reading, especially to those who want to save money. Here are our top tips (Part 2) for lowering your home insurance premium.
• Find out how much your house should be insured for. This amount is called the ‘Rebuilding Sum Insured’ and should represent the amount of money it would cost to rebuild your property from scratch in the event of a total loss. Contrary to popular belief, the Rebuilding Sum Insured is in no way related to the market value of the house and, as a result of the Celtic Tiger; many customers may find themselves paying premiums that are way too high.
An easy way to estimate the “Rebuilding Sum Insured” of your property is to log on to the Society of Chartered Surveyors’ website at www.scs.ie. Using their House Rebuilding guide, you can work out the estimated rebuilding cost of your property. Otherwise you may either under- or over-insure your home – both inadvisable and costly options.
• Raise your excess. The excess on a policy is the first part of a claim the policyholder is responsible for paying. For example, if you have an excess of €250 you will have to pay the first €250 of any claim. Raising your excess can instantly save you money on the overall cost of your premium.
• Fit an alarm. Most companies will give an extra discount on home insurance if the customer has an alarm installed by an approved installer.
• Fit several smoke alarms. The same often applies if you fit smoke alarms. Not only does it protect property and save lives it may also help save on your premium.
So if you want to save money on your home insurance, take a little time to review your current policy and how you have things set up; take appropriate safety measures in the home; and while you’re at it shop around for a better deal! If you have insurance broker ask them for quotes from the various insurance providers. Alternatively you can go online where some of the most competitive quotes are. Go to the Getcover website and click on the Home Insurance tab: http://www.getcover.ie/home-insurance.aspx or lo-call 1850 851 297 to speak to an adviser and get an instant quote.
At the end of the day saving money on home insurance is literally just a click or call away!