If you have shopped around for home insurance lately, you will know that policies can tend to get very expensive very quickly. Because the  cost is typically affected by a variety of factors, it can be difficult to pin-point the specific elements that are influencing it.  To find the most suitable cover at the best price, it is important that you understand which factors are likely to push the price up, and which will reduce it.

The total value of the home and all the items contained inside are of course key factors because they dictate the level of cover you will need. But there are many other  factors that will affect the price positively or negatively including the area you live in, your financial history, how you pay your premiums and any earlier claims you may have made.

If you get quoted for cover at a higher rate than you expect, it is important to realize that a number of steps that you can take, will help reduce the cost to a more affordable level.

How to Reduce Home Insurance Premiums

1. Insurance Approved Installations

One of the primary things that you can do to start reducing the overall cost of your insurance policy is to add insurer-approved installations to your home for extra protection. Anything that is likely to cut the risk to the insurer is sure to reap rewards in terms of lower premiums. Of particular interest are things that are going to cut the likelihood of theft or damage.

Approved locks to doors and windows backed up by an alarm system is one sure way of starting down the road to reduced premiums.

Thinking about physical aspects of the building like installing a sprinkler system in the event of a fire and perhaps some hurricane protection shutters for houses in vulnerable areas, may well pay dividends when it comes to finding cover for your home. Obviously these measures require some initial outlay, but will begin to pay for themselves in the long-term when you have a few years of cheaper home insurance under your belt.

Reducing the Cost of Home Insurance

2. Credit Rating

Something that many people may not be aware of is that a poor credit rating actually increases the cost of a home insurance policy. Repairing and maintaining your credit rating is a good way to start reducing the cost of your insurance policy almost instantly. Achieving a higher credit rating will also benefit you in other areas of life. As an added bonus, you are likely to see interest rates decrease on credit cards and other financial products as a result of the improved rating.

3. Shop Around

Another often overlooked way that people can save money on a home insurance policy is to be careful about where they buy thyeir policy. Studies have shown that cutting out the middle man by buying a home insurance policy direct from the  insurance company, is often cheaper than buying the exact same policy through an agent. There are fewer companies that are willing to sell directly to customers but searching in the right places and in particular online, is likely to reap rewards. Price comparison sites are a great way of comparing the prices offered by a range of different companies whilst only having to fill in your details and requirements once

 4. Product Bundling

Bundling your home insurance with another form of insurance is also a great way to save some extra cash. If you can buy your home insurance from the same company that you buy your car insurance from, you will likely pay less for both policies than you would if you purchased each of them fromn a seperate company.

Final Thoughts

Experts are often confounded by the amount of people who still stick to the same insurer year after year regardless of the cost of the policy. With the internet readily available to most people, it is much easier than it used to be to make sure that you are getting the best price available for just about anything you buy. In these times of austerity and reduced household budgets, paying attention to the cost of insurance premiums can make a big difference. A few measures that reduce the risk of insuring your home plus using price comparison websites to get the best prices are likely to reduce the cost of your insurance premiums.

Hurricne Shutters

Lower Home Insurance Premiums