It seems easy to find cheap home insurance quotes. You need to call a few providers and brokers, get quotes and pick the lowest one. However, since home insurance is one of the most important things you buy, price isn’t the best comparison point. A home insurance doesn’t just protect the structure of your house, but also your personal belongings. It also covers you if you are liable for someone else’s injury or property damage when they are in your house.
Your insurance premiums can change (usually upwards) for a number of reasons. Though there are some factors that are beyond your control, there are many other strategies that you can apply to get the best Online Home Insurance Quote. Let’s look at some of the key things you can do to lower your quotes:
1. Use The Right Resources
You can talk to your friends and family to get recommendations for a good insurance company. You can also discuss with your neighbours to understand their home insurance policy details. If there is anything they have done to reduce their premium costs, you can consider it too since you are in the same neighbourhood. You can also contact brokers to help you understand the variables associated with home insurance and plan how you can reduce the coverage that you don’t really require. One more thing that can help in getting a cheap online home insurance quote is to compare on various websites and get at least 3 quotes before you finalize your policy.
2. Consider Being Loyal
Remember that homeowners’ insurance companies tend to reward customer loyalty with great discounts. If the policyholder remains claim-free and is in good standing, a lot of insurers tend to reduce the premium rates every year. So the longer you remain claim-free and with the same company, the more discounts you are entitled to. If you stick around for more than 3 to 5 years, you can expect a discount of anywhere between 20 to 30%.
3. Claim Only When You Must
When you’re thinking about buying insurance, it’s important to understand that insurance is a safety net and not a hammock. You should only reach out to your policy to cover financial losses that you can’t afford on your own without compromising your lifestyle. So you should only file a claim if you are unable to bear the costs of repair out of your own pocket. Wondering why?
Firstly, when you file a claim, you give away your claim-free discount. Secondly, if you make multiple claims, you become a risk for your insurance company and thus, they will increase your premiums every year. For example, with one claim filed in less than 2 years, your premium costs can increase by 15%. For two claims within three years, your premiums can increase by 35%. So before making the call to claim, take some time to analyse whether you should contact your insurer or bear the expenses yourself for long-term benefits.
The best way to get an affordable online home insurance quote is to understand what increases premium prices and what you can do at your end to keep your rates on the lower side.