Although a necessary cost, home and contents insurance can be a significant expense. Here are some things you can do which could reduce the cost.
- Shop around for insurance and check every year for better deals before re-signing with another company.
- Seek insurance from the same company where you have other insurance policies (eg. car insurance).
- Make sure you have a good credit rating.
- Ask about lower premium rates for policies with higher deductible rates.
- Check for discounts based on your personal situation or property type and location.
- Arrange insurance as soon as you put in an offer.
- Check costs to insure for contents value rather than “new for old” replacement.
- Make sure your house is accurately assessed and insured for the right amount.