Home insurance offers invaluable financial protection against unexpected costs should something happen to your home such as storm damage, a fire, or a break in.
But these days, with all of your household bills and expenses rising, you may be looking for ways to cut home insurance costs.
Is it possible to get the essential protection that you need for your home for a lower premium? Yes, there are ways to save on your home insurance, or ways to get a competitive quote if you are a first time homeowner.
Do I really need home insurance?
Absolutely, yes. Don’t be tempted to try to cancel your home insurance policy just to save a few euros. If your home is damaged or its contents are destroyed or stolen, you will need financial protection to cover your costs.
Costly rebuilding or repair work and replacing a lot of your furnishings or belongings in one go is not something that many of us could afford. Your home insurance may also cover the cost of alternative accommodation if your home is uninhabitable due to an insured event.
Your mortgage lender may also require you to have buildings cover in place at a minimum.
Ways to save on home insurance
There are a wide array of home insurance providers and policies, with a variety of options for your needs and circumstances.
So, how can you save on home insurance? Here are some handy hints and tips to pay less for your home insurance.
Don’t just pick a random number as a value for your home’s contents or accept the standard percentage of your home’s rebuild value that some home insurers use as this may be too high or low for you.
It is a really good idea to go around room by room and attempt to put a value on your possessions in order to establish an appropriate contents cover sum assured.
Ensure also, that if there are cover limits such as €1,000 per item, that any higher value items you have are specified and covered by your home insurance contents cover.
Some home insurers may offer a discount if you have specific locks on your windows and doors. Consider installing high quality window and door locks to get a discount on your home insurance premium.
It is best to check what is required by your insurer to ensure that you will get a discount first, though.
Alarms
Having a working standard or monitored house alarm may earn you a discount from your home insurer.
Ensure that the model that you choose will get you a discount first though and it’s also important to ensure that you set the alarm when you’re out of the house or a house insurance claim may be invalid.
This is the amount it would cost to rebuild your house from scratch. This is different from the market value of your property and may be on your mortgage valuation or can be assessed by a chartered surveyor.
It is really important that this figure is accurate to ensure that you are not underinsured and that you are not left with a significant shortfall in the event of a claim on your policy.
If you carry out renovations or an extension on your property, it is also important to ensure that these are reflected in your home insurance cover and that your cover is updated.
Don’t just pick a random number as a value for your home’s contents or accept the standard percentage of your home’s rebuild value that some home insurers use as this may be too high or low for you.
It is a really good idea to go around room by room and attempt to put a value on your possessions in order to establish an appropriate contents cover sum assured.
Ensure also, that if there are cover limits such as €1,000 per item, that any higher value items you have are specified and covered by your home insurance contents cover.
The excess is the amount that you must pay yourself in the event of a claim on your home insurance policy, before your policy offers protection.
You can choose a home insurance policy with a voluntarily high excess to save on your home insurance premium but ensure that it is an amount that you can afford in case you need to make a claim on the policy.
Many insurers will offer a discount if you are a homeowner with a number of years claims free.
Some insurers also offer a careful homeowner’s discount if you have not made a claim in many years. You will save on your home insurance premium if you can avoid making small claims on your home insurance and build up a no claims discount.
Check what is included in your home insurance policy as standard and what is an additional, and more expensive, option. Expensive policies may include forms of cover that you don’t absolutely need.
Accidental damage cover is usually an add on that increases the cost of your home insurance as is cover for specified items such as laptops, sports equipment, or jewellery, so consider carefully what you actually need.
If you have built up a significant no claims discount over a number of years, however, it may be worth paying a little extra for full or step back no claims discount protection to ensure that you do not lose this discount completely were you to make a claim.
Insurance companies do not always reward loyalty, so it is best to check other providers when it comes to home insurance renewal time. You may also get a discount if you purchase home insurance online.
It is also important to regularly review your home insurance cover and ensure that it is still accurate in terms of rebuild and contents values and that it is the best fit for you.
If you have insurance policies with a number of insurers, such as car, van, home, and holiday home, it can be worth seeing if you can get a multi policy discount by bundling policies with one insurer.
Compare Insurance will save you money on your home insurance
The Compare Insurance website is your first port of call when looking to save on home insurance. You can compare quotes to get the best price for your home insurance and read our full guide to home insurance and insurers in Ireland.
Start by using our online assessment to get the lowest home insurance premium and get a consultation with a Qualified and Central Bank vetted insurance advisor to get you tailored home insurance cover that is best for your property and you.
We can help you to consider what matters most to you and tailor your home insurance accordingly so that you pay for what you need and get a great deal.
