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Times are tough, everyone is looking for a saving, most people generally start at insurance. Don’t make the mistake of canceling your home insurance, you don’t know when you will need the cover the most!
Below we give you some practical tips on how to keep your home insurance but still save money.
Increase your excess deductible
The quickest way to reduce your monthly home insurance premium is to increase your excess amount. An excess deductible is the amount you are liable to pay in the event of a claim. The trick is to ensure that you have enough savings to cover the excess if you must claim./p>
Beef up your home security
When it comes to home security, adding a few basics can not only save you money, it can also save you from burglaries. A win-win situation!
Things like adding burglar doors and an alarm system or deadbolt locks on your home can save you from paying a higher monthly home insurance premium.
Avoid claiming for minor losses
As tempting as it may be to want to claim for minor incidents from your insurer, paying for these yourself can assist you in the long run when you have to claim for something bigger. It also saves you from higher monthly premiums, the more you claim, the higher your premiums will be. Insurers tend to reward for claim- free years and you would benefit from cashbacks.
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Ask your insurer what discounts they offer
If you want to save, it’s worth asking your home insurer what discounts they offer? iWYZE offers a discount if you bundle your insurance.
If this doesn’t help, it might also be time to look at how much insurance you really need and cut down on unnecessary coverage. Start by going through your policy to see what it is that you’re covered for - structural and contents insurance.
This insurance covers the building structure and will pay for structural damages and repairs.
How much coverage do you need?
Your building insurance cover must be enough to replace your home, the cost to completely replace your home in the event of a disaster. Also take into account costs such as that of building materials, labour, and other factors over time. It will cost more to rebuild your home than it did when it was built.
Other structures
Other structures in your home that you should consider adding to your cover is things like, a detached garage, a shed and a wendy house. Just make sure that your total home insurance cover includes these items.
Items of a personal nature
This refers to personal items in the home like, jewelry, tech items and anything of value. Make sure that these items are included in your home insurance policy and for the right amount to replace them should anything happen. Take photos of these items as this will help you to prove ownership.
It is important to review your personal items, especially if you have recently given away things or bought new, that way you are able to add and remove and make sure your cover has the most updated items of personal nature.
Looking for affordable and reliable home insurance? Contact us on 0860 93 94 93 or get a quick online quote on: www.iwyze.co.za
SOURCES:
https://www.nerdwallet.com/article/insurance/save-on-homeowners-insurance
https://www.ooba.co.za/resources/lower-home-insurance/
Terms and conditions apply. Please note that the content displayed on this site is for information purposes only and does not replace our policies’ terms and conditions. The policy wording supersedes any marketing material. Any claim will be considered against the terms and conditions that apply at the time of claim and as set out in out customers’ policy documentation.