In this section, we’ll look at ways you can reduce your home insurance premiums and ensure you have the right cover in place.
Review your policy coverage and limits
Compare your insurance coverage with the value of your personal property. Have you made any significant purchases in the previous year? Have you “down-sized”? Has the value of your property decreased? These are reasons to increase or decrease your insurance coverage. Some insurers automatically increase your policy limit each year to reflect inflation changes. Check to see if this is the case with your policy. It may not be necessary.
This is especially the case at the moment with Buildings cover, consider how much the cost of building has changed in the past 2 years.
Keep an inventory
This doesn’t have to be detailed or painful to do. Taking inventory is also a great way to help you estimate the value of your property. This should list the most expensive items that form the contents of the house.
Make sure to note any expensive items such as jewellery, paintings, antiques or any other items that require special note on a policy. This will ensure that if an item such as an engagement ring is stolen and a value is specified you will receive the specified value rather than the average value an insurance company has assigned to a ring.
You can reduce your insurance rates by making your property more secure. Think about installing a smoke detector, burglar alarm, or dead-bolt locks. If you install a burglar alarm that is monitored the insurer will offer an extra discount.
Talk to us in DoyleMahon if you would like to save money on your house insurance and ensure you have the right cover in place.