Looking to get the best value on your home insurance?
Here are some top tips from BlueInsurance.ie, Ireland’s Awarding Winning 2 Year Home Insurance provider.
1. Excess – The more you are willing to contribute to a claim in the form of an excess, the higher the likelihood of the insurer providing a discount. These discounts can range up to 10% depending the policy, insurer and level of excess.
2. Lock in a long term rate – There are benefits to locking in your home insurance for 2 years. Discounts are applied over a longer term plus your premium won’t increase after one year. Essentially, you are insulating yourself from potential premium increases in the market and/ or increases in claims.
3.Buildings sum insured – Don’t confuse the rebuild cost with the actual value of your house. They are very different figures and often people will over pay for home insurance by insuring the actual value without realizing this. This will leave you out of pocket and you won’t get the extra cover in the event of a claim. Your local auctioneer can confirm the buildings cover you need.
4.Contents sum insured – The contents sum insured can also be a way to save. Do an inventory of your belongings in the house to get an accurate value needed. Otherwise you could be over or under insured and you only find this out in the event of a claim. There are resources available like contents inventory forms to help you list your contents.
5.The most appropriate cover – With a lot of homes having multiple smart phones and tablets nowadays, it may be wiser to cover these items on a separate specific gadget insurance policy. This would reduce the need to add some ‘add-ons’ to your home insurance. If you have increased your excess to get a discount from the insurer, your phone or tablet may be under the threshold and may not be covered or, if they are covered, then a claim could wipe out your No Claims Discount thus increasing the insurance cost at renewal.
6. Security – Having a monitored and rated Alarm System installed will decrease the cost of your home insurance. These types of systems can reduce risk to insurer by having a service on standby to deter break ins and to alert the fire brigade in the event of fire, which would mitigate the cost of the overall claim if the house was empty when a fire broke out.