Buying a home in a metro city is a huge financial decision. Therefore, it has to be a carefully made one. Considering the huge amount of money that you will invest in your home, you would want to secure it against any unforeseen events, such as natural calamities or man-made disasters. A single catastrophe can lay waste to the construct and contents of your home, leaving you emotionally and financially at a loss.
So, how can you stay secured in such situations?
The answer is by buying home insurance.
A home insurance policy will secure your home and its contents against a range of natural and man-made perils for true peace of mind. However, if you have just bought a home, you might worry about the home insurance premium forming yet another burden on top of your already high pile of financial responsibilities. If that is the case, this article is just for you! Home insurance is too important to leave out so, we have listed out a few pointers that will help you save on your premium instead.
- Do your research thoroughly
The best way to get the most affordable home insurance policy is by doing thorough research. Browse the Internet for all available policy options with the help of aggregator websites. Once you have shortlisted a few options, do call up the insurers on their toll-free numbers for detailed guidance on what their plans cover and their pricing. You may even consider dropping in to the insurer’s office for a face-to-face meeting. However, never select a home insurance policy solely on its price; try to balance out getting a good price and great coverage.
- Buy multiple policies from one insurer
A great way to get a possible discount on your premium is by bundling multiple policies from the same insurance provider. For instance, if your car insurance is due for renewal, why not get your new car insurance policy from the same insurer whom you have selected to cover your home. Bunding policies is a known way to get pretty attractive discounts on the total value of the premiums you have to pay.
- Try to upgrade home security
Some insurers are known to lower your home insurance premium value if you instal certain security devices (smoke detectors, burglar alarms, etc.) to protect your property. However, these devices don’t come cheap; so, make sure that the discount you are getting makes your investment worthwhile. It is anyways advisable to secure your home with a security system for the main purpose of your own safety and not solely for the sake of a discount on insurance premium.
- Purchase coverage when the home is new
Your home insurance premiums will most probably be cheaper when your house is brand new. This is because new homes are less likely to face issues with appliances, electrical systems, and so on. The longer you wait to buy home insurance, the higher your premiums will probably get.
- Choose your policy inclusions carefully
Most home insurance policies allow you to pick and choose what contents you want covered. Make sure to read the fine print carefully and only select the actual products you have at home. For instance, if you do not keep any jewellery at home, you would not want to simply pay to have such valuables covered. By carefully limiting what your policy covers, you may be able to lower your home insurance premium.
We hope that this article will help you when you set out to buy home insurance. Good luck!