• Insurance

    6 Ways to Save on Your Home Insurance

    Home insurance is one of the most valuable insurance policies you can get today. If you are a homeowner, you can alleviate many of the financial risks you face as a result of owning a property with home insurance. In the event of fire or theft, for example, you have that ease of mind knowing that the insurance company will cover you.

    While the insurance coverage is valuable, home insurance is also the policy where you can save a lot of money and still get the coverage you need. You just have to know how to fine-tune your home insurance policy and find the best deals on the market, and we have the best tips to use in this article.

    Know Your Needs

    Home insurance is an insurance policy you want to get right. With life insurance, you pay for the full amount of coverage, which means you can increase the coverage amount by paying more. That is not the case with home insurance. Increasing your premium will not give you added benefits; the insurance company will only cover the value of your house and the items in it rather than paying the full coverage amount.

    This means there is a big incentive in setting your coverage amount correctly. You can pay only for the coverage you need. The process starts with assessing the value of your home and the items you store in it. The more detailed (and accurate) you can be with this assessment, the more you can save on your home insurance.

    Improve Your Credit

    One of the factors reviewed by the insurance company when setting your home insurance premium is your credit history. Homeowners with bad credit are often seen as being riskier to insure, and they end up having to pay more for the same insurance coverage.

    Taking some steps to improve your credit score is a good investment if you want to buy a home insurance policy. Small adjustments such as consolidating your credit card bills into one loan and making sure that your credit history is accurate go a long way.

    The goal is showing that you are a responsible homeowner. The more you can improve your credit history, the lower your insurance premium will be.

    Shop Around

    You should never go for the first home insurance deal you come across, simply because there are so many deals and special offers to consider right now. The insurance market is at its most competitive right now. Expect to see a lot of interesting deals, extra discounts, and added coverage, all from the best insurance companies on the market.

    While you are comparing home insurance, don’t forget to mention that you are comparing deals from multiple insurance companies. You may land an extra discount of up to 10%, allowing you to save on your insurance premium even more.

    Check the Coverage Types

    Some insurance policies come with extra coverage. What you want to do at this point is reviewing those cover types and amounts to make sure that you are not paying for extras you don’t need. With some home insurance policy, for example, home emergency cover is actually a paid extra that gets included by default rather than a free addition.

    Don’t hesitate to customise your policy according to your specific needs. If you don’t need increased bicycle cover, feel free to ask for that coverage type to be removed in exchange for an insurance premium reduction. The same can be said for accidental damage cover and legal expenses cover. That said, you can keep these extras if they come with the policy for free.

    Stick with Annual Plan

    Another great way to earn a discount on your home insurance policy is paying the premium annually. Sure, paying the insurance on a monthly basis seems like the more manageable way to go, but you end up paying up to 10% more on average.

    On the other hand, you don’t want to go longer than an annual plan. As mentioned before, the insurance market is becoming more competitive by the day, so you can expect better deals and more comprehensive covers to be available by the time you need to renew your policy.

    Secure Your Home

    Before you go ahead and make the purchase, it is also a good idea to take some steps to secure your home. Adding deadbolt locks, installing a safe, and having a more comprehensive security system are some of the things you can do.

    These additions can be considered great investments. They help keep your house safe and lower your home insurance premium at the same time. Get the final quote revised to include the changes you have made, and you are all set.

    That’s it! You can now buy a comprehensive home insurance cover without spending a fortune. Use the tips and tricks we covered in this article to make sure that you get the best deal possible on your home insurance.

  • Save Money

    Back to Basic: Tips to Help You Save More Every Month

    One of the ways you can improve your personal financial condition is by saving more. There are expenses that are not absolutely necessary and saving money on them allows you to do more things financially. With the money you save, you can repay your debts faster, save money for future investments, and gain better control over your personal finance.

    There are plenty of advanced tips and tricks to help you save money too. Even better, you now have apps that automatically analyse your expenses and suggest ways to save along the way. Even with so many ways to save, you must never abandon the basics. The simplest tips can still help you save more every month, and we are going to review some of them in this article.

    Use Coupons

    If you are not taking advantage of coupons and discount codes, you are missing out on the best way to save today. Using coupons to save on groceries and other purchases – both online and offline – is a lot easier than it used to be. You no longer have to cut coupons from newspapers; there are apps that deliver coupons straight to your phone.

    Coupons are still regarded as one of the most effective promotional tools on the market, which is why more retailers and brands now use coupons to attract new customers and maintain their existing ones. Since you can also have the coupon apps collect coupons automatically, there is no reason why you shouldn’t use them to save money.

    Negotiate!

    Yes, negotiating a better deal before making certain purchases is also a great way to save. Whether it is a small purchase such as the travel insurance you always buy before your regular getaways or bigger ones such as a new car, asking for an extra discount or a better deal could land you, well, a better deal.

    The market is at its most competitive right now, which means there are more companies fighting for your business. Something as simple as asking for an extra discount could land you a substantial discount nonetheless. Some insurance companies and financial institutions will add up to 30% in reductions when you ask.

    Speaking of reductions….

    Take the Time to Compare

    Comparing alternatives and deals is also highly recommended in this economy. Thanks to the internet and the many web tools available today, you can compare deals on virtually everything without leaving the comfort of your home.

    The next time you need to take out a loan, for example, compare quotes from multiple lenders. Find the most valuable financing option to use based on the cost of using the loan and the term of the loan itself.

    Insurance deals are just as easy to compare. Rather than accepting the premium outright, look for quotes from other insurance companies. Here’s another tip: mention that you are comparing deals. You’ll be surprised by the reductions you can get in return.

    Evaluate

    Sticking with comparing, don’t forget to review your expenses and other elements in your personal financial life on a regular basis. Are the credit cards you use still the best ones to have? Are you paying too much on that old loan you are still trying to clear?

    The market is changing rapidly, which means the best options a couple of years ago are not always the best options today. Fortunately, that also means you now have better ways to save on the financial commitments you made in the past.

    Credit cards, for example, can be consolidated. The high-interest mortgage loan you took out in the past can be converted into a low-interest one with the deals and special offers available today. Even insurance premiums and many other expenses can be reviewed for the same purpose.

    Prioritize Your Expenses

    We all go through certain phases in our financial life. What’s important is knowing how to best manage your personal finance in its current phase. If you are still trying to repay your loans, avoid making unnecessary expenses. If you are struggling to keep up with loan repayments, go a step further and make adjustment to your lifestyle.

    Focus on the priority expenses; the essentials that you cannot afford to cut. Everything else can wait. Once you start saving money and investing your savings to generate more income, it is much easier to justify expenses made for the sake of convenience; the non-essential expenses we talked about earlier.

    The better you are at prioritizing your expenses, the more money you can save. You can easily avoid late charges and extra fees due to unhealthy cash flow. You will also find more ways to reduce unnecessary expenses as you go along.

    Combined with the other tips we covered in this article, prioritizing expenses help you regain and maintain control over your personal finance. By covering these basics, you will have the ability to save more as you begin implementing the more advanced moneysaving tips.