Home: House and Contents Insurance - Five Tips to Save You Money

Home: House and Contents Insurance - Five Tips to Save You Money
by Craig Wilson

Insuring your home and it's contents should be considered a necessity. The amount of money required to rebuild your house and your lives should the unthinkable happen is way beyond most people's reach. Even a break-in can cost you many thousands of dollars and at least if you have insurance you can rest assured that you won't be out of pocket when it comes time to replace the stolen items.

Home and contents insurance can be expensive, however if you follow these tips you stand to make a considerable saving on your premium.

1. When looking around for insurance cover look for a company that offers multi-policy discounts. Many companies will offer you cheaper premiums if you use them for all of your insurance needs.

2. Installing a home alarm system and smoke detectors can also lower your premium. Before spending any amount on these items check what minimum requirements your chosen insurer has to qualify for a discount. A simple alarm system may not qualify you for a discount however if you install a back-to-base monitored alarm you will more than likely receive a good discount.

3. Regularly compare available policies. You may be happy with your current insurer however there may be a company out there offering the same amount of cover for cheaper annual premiums. The Insurance market is very competitive and companies will often have specials available to lure you to use their services. Read the fine print though and be sure that the cover is exactly what you need.

4. Some policies offer you the choice of a cheaper annual premium in return for a higher excess in the event of making a claim. Although the cheaper premiums may save you money initially you need to be sure that you can afford the excess should you need to make a claim. These policies are useful for people that live in low risk areas.

5. Be sure to get coverage that provides new-for-old replacement. The costs involved in replacing household items, rebuilding your home in the event of a fire or natural disaster climbs every year and if your insurance only covers what you paid initially you will be out of pocket considerably. Under estimating your house contents is another area where you can come unstuck if you are not careful. If in doubt opt for more cover rather than less.

The most important tip here is to read the fine print of any contracts that you enter in to. If in doubt ask your insurer to explain any parts of the contract that you don't understand to be sure that you are getting adequate coverage for your home and contents. If they can't give you a satisfactory explanation take your business elsewhere, there is plenty more companies that will be happy to have your business!

For more tips and information relating to Home Security please visit Home Intercom and Security Systems.