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Want to Reduce your Home Insurance Premium? Learn Some Smart Tips

Published on 24th Aug 2020 EST Read time 4 Mins

There are some tips by which you can save a substantial amount on your home insurance premium. Let us look at these ways-

  • Equip the home with security gadgets: When you are installing home safety gadgets and equipment in your house, it would reduce your home insurance premium. This is because the equipment and gadgets would make your home more secure from incidents like burglary or thefts. Insurance providers usually provide different degrees of discounts on the installation of home safety equipment such as smoke detectors, sprinkler systems, burglar alarm, deadbolt locks, etc. But, these gadgets are expensive and each one would not be able to help you in earning a discount. You must check with your insurance company about the devices that would help you in obtaining a discount.

  • Raise the amount of the deductible: In insurance terminology, the deductible can be said to be the amount that you must pay for a loss before the insurance provider starts to pay for your claim. Hence, the higher is your deductible amount; the lower will be your insurance premium. Different insurance providers have different deductible amounts depending on the type of risks such as fire or other natural calamities like earthquakes, hail storms, etc.

  • Inquire about discounts: You must inquire about the discounts, which are offered by various insurance providers on the home insurance premium. Some insurance providers offer a discount on home insurance premiums for senior citizens as they stay at home for a longer duration of time. Moreover, professional associations and employers also offer group insurance policies at discounted premium rates. Without proper inquiry, you might not even know about these discounts and may not be able to take advantage of them.

  • Do proper research: The purchase of a home insurance policy is a vital task and there are several insurance providers available in the markets that are offering home insurance policies. It becomes quite difficult to decide, which one would be the best one. You must take your time and perform good research before finalizing, which policy you are going to purchase. You must visit the websites of different insurance providers, understand the inclusions and exclusions of the policy, the premium rates, and the discounts and only then, decide about the policy. Moreover, you can also research various policies through insurance agents and other intermediaries before purchasing the policy.

  • Stay with the same insurer: If you have been a customer for a particular insurance provider for a long period, it is advisable to continue your policy with the same insurance provider. Many insurance providers usually can reduce your premium by 5% if you have been their customer for around five years and around 10% if the period is more than six years.

Conclusion

Hence, it takes years to build a house then why not get its life extended by purchasing home insurance. The above-mentioned simple tips would help you in obtaining a good home insurance policy that would provide maximum cover at a nominal premium. You can buy HDFC ERGO home insurance policy and ensure that your valuable possession, your house is protected!

Expert Opinion by Deepika Mathur, CEO Markel, Veteran in Insurance Industry

Deepika Mathur highly recommends opting for Home Shield Insurance to ensure your dream home is protected always! She also recommends tenants to opt for Home Shield Insurance to cover their valuable home belongings like portable electronics and furniture.

About The Expert

Deepika Mathur has been in the insurance industry for past two decades and has excelled in the field of general insurance. Former vice president at HDFC ERGO GI an Indian/German joint venture general insurance company, Deepika Mathur has led the casualty and financial line of business during her tenure. She was also responsible for the successful launch of a plethora of insurance products, which include specialty insurance plans. Earlier positions included four years as head of financial products for Marsh in India. Deepika Mathur has played an instrumental role in providing entry for Markel in the local reinsurance market

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales. UIN Home Shield Insurance - IRDAN125P0001V01201718 UID No. D2HO868


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