How to Reduce Home Insurance Premiums

Here are some useful tips on how to reduce Home Insurance premiums.

Home insurance, also known as Household Insurance is a policy designed to cover your home and if applicable its contents against the possible risks.

With most aspects of household insurance, the premium is based upon factors over which you have no control. The location of the property, its age, the value of its contents are all fixed and there is little that you can do about it.

There are three factors, however, that can make a large difference to the insurance premium and that you can affect directly. The three factors are: the amount of the voluntary excess, the security features of your home and your claims history. Listed below is a breakdown of the three factors:

Voluntary Excess

If you make a claim the insurer will expect you to pay the first part of the claimed amount, this is known as the Excess. Because the insurer insists that this is paid for each and every claim it is known as the compulsory Excess.

Most insurers are happy to provide a discount on the insurance premium if you are prepared to pay a larger part of any claim in other words, accept a larger Excess. Because this decision is up to you it is known as the voluntary Excess. The amount of any discount will vary between insurers but is generally in the region of 5% to 15% depending upon how much you are prepared to accept.

Security

All insurers want to reduce the number of theft claims and one of the most effective ways of achieving this is for you to ensure that your home is properly secure. Because security is so effective at reducing theft most insurers are prepared to reward you with a reduction in premium.

The insurer will define the type of security that they require in order to qualify for a discount but for most companies there are three particular security measures which count; good quality locks on windows and doors, a professionally fitted and maintained burglar alarm and membership of an approved Neighbourhood watch scheme.

Unfortunately, some householders are already in a high risk area, for example many city centres, and the insurers may insist that certain securities are in place before offering cover. In these cases, of course, no security discount will be applicable.

Claims discount

Just as with Motor Insurance it is now common practice for insurers to reward those who have not made a claim in preceding years. The level of discount varies from one insurer to another however 5% to 20% is now common and the amount is increasing.

To ensure you are getting the best possible Home Insurance deal, shop around, evaluate and compare all the appropriate policies that provide the cover you require. Think about policies in terms of price, coverage, excess, flexibility and the reputation of the insurer.

You may freely reprint this article provided the author's biography remains intact:

About The Author

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

---

Senior Health Care Insurance

Health Insurance For Seniors On The NetWhen a good friend... Read More

How to Reduce Home Insurance Premiums

Here are some useful tips on how to reduce Home... Read More

Compare Car Insurance Companies Before You Commit

If you want to save money on your car insurance,... Read More

Insurance or Assurance - Do You Need Reassurance?

Insurance versus assurance: what is the difference?Should you care?Yes!!The world... Read More

Finding Auto Insurance Comprehensive Coverage

You can go online to easily find and quote auto... Read More

Term Or Whole Life Insurance - Which Is Right For You?

One of the most important things you will ever do... Read More

Finding Term Life Insurance Online

What exactly is Term Life Insurance?Term life is a form... Read More

What Is Health Insurance?

What is health insurance and why do I need it?... Read More

Why Buy Life Insurance?

Love. Yes, that's right. Love for your spouse, children, family,... Read More

Six Ways to Cut the Cost of Your Auto Insurance

Is your auto insurance bill $12000 a year or even... Read More

Why Should You Shop Around for Auto Insurance?

How do you know if what you are paying for... Read More

Filing An Insurance Claim

Everything seemed pretty simple when you purchased that insurance policy.... Read More

New Concepts in Car Insurance - Pay as You Drive

You can pay as you talk with a cell phone... Read More

Give Your Auto Policy a Tune-Up

When you originally purchased your auto insurance policy, you purchased... Read More

Term Life Insurance Quotes for Singles

Term life insurance quotes are rarely a concern of single... Read More

Medical Bills - Evaluating Your Personal Injury Insurance Claim

The value of a personal injury claim has a direct... Read More

Car Insurance Quotes Online ? Why You Should Use the Internet to Find a New Insurance Company

Before the internet, you picked a neighborhood car insurance agent,... Read More

About Accidental Death Dismemberment Insurance Quote

We don't hear much about getting an accidental death dismemberment... Read More

Credit Card Insurance

A word of warning about Credit card repayment protection schemesThe... Read More

Health Savings Accounts (HSA): Do They Vary From State to State?

The Health Savings Account (HSA) is an amazing tool that... Read More

Factors That Affect Your Car Insurance Premium

Many factors affect the premium you will pay for auto... Read More

Life Insurance Settlement

A new financial tool is now available for senior citizens.... Read More

Why Dont Insurance Companies Reward Us for Being Healthy?

Insurance is always a gamble, a bet actually.You are betting... Read More

Auto Insurance for Young Drivers

The biggest worry of most parents today is their children... Read More

The Immorality of Guarantee Issue Health Insurance

While there are genuine debates about whether privatized health insurance... Read More

Life Insurance: Who Needs It And How Much Do You Need?

Your friendly, neighborhood life insurance agent is most likely to... Read More

Does an HSA Cover Alternative Medicine?

A Health Savings Account (HSA) does not really cover alternative... Read More

Long-Term Care Insurance: Eldercare Solution

When I suddenly had to become a fulltime caregiver to... Read More

Disability Income Insurance Can Meet All Your Financial Needs

Disability income insurance can cover you in the event of... Read More

Insurance in Northern Ireland: Historic Difficulties

No doubt most readers will have heard of the Northern... Read More

Life Insurance, the Universe, and Everything

You may have noticed that life insurance is coming back... Read More

Car Insurance Online ? Benefits of Applying for Auto Insurance Online

Drivers are applying for auto insurance online not just for... Read More

Risk Retention Groups RRG

In response to a hard insurance market in the mid... Read More