Savings tips for home insurance shopping

Is it time for you to purchase home insurance? Whether you’ve just purchased your home, are renewing your policy or are getting insurance on your existing home for the first time, it’s important to shop around and understand the best ways to save money on your house insurance. 

Insuremyhouse.ie is happy to share their secrets and provide you with a few ways that you can save money when shopping around for home insurance. 

Understand the value of your home

When it comes to the value of your home, a common mistake that many people make is assuming the value of their home is in reference to the market value of the property – how much you could sell your home for. 

In fact, this isn’t the case. The value of your home when it comes to insurance is reflected from the rebuild value of your home – the cost that you would incur would you be building the home from the ground up. This typically will exclude the value of the land/property itself. 

Rebuild value is especially important for areas where the market value of the home may be less than the rebuild cost, in this case by insuring the marketing value you’ve put yourself at risk. 

Ensure that all contents have been accurately calculated

When determining your home insurance policy, ensure that you have accurately accounted for the cost of all valuables. You can start this by completing your research to determine which policies are going to provide you with the best contents coverage for your belongings. For example, while some policies will cover your bicycle if it’s damaged or stolen from your property, other policies will not.  

In addition, items that are valued at over €2,000 (such as maybe a wedding ring), should be insured separately to offer optimal protection. 

Research the benefit of securing your home

If you’ve been considering an alarm system to offer an additional peace of mind when you’re at home, the savings that it can offer on your home insurance might just be another tick in the “positive” section. 

Not only do an alarm and/or CCTV system provide you with security in your home and act as a deterrent to would-be thefts, your insurance company can offer additional discounts depending on the system that you have implemented. When researching policies check which alarm functions offer the best savings on your home insurance 

Avoid Paying Installments

One of the easiest ways to save on your home insurance policy is through your payment options. When you choose to pay in instalments on a monthly basis through direct debit, your insurance company will likely add on an additional processing fee for each month. If you can do so, paying your entire policy in one lump sum can save you on your insurance policy each year. 

When it comes to saving on insurance, there are many options to get you started. You can find out more about saving on your home insurance here. Have further questions? Contact an insuremyhouse.ie team member- and they will be happy to walk you through your options.