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When you are struggling to meet two ends for your day to day survival, insurance which is nothing but protection from certain misfortune or fear of that misfortune is the last cost which one would like to spend. Even in developed nations like the United States, many people even can’t afford personal health insurance, then why to talk about house insurance. Hence cutting the cost of the premium is very crucial.
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Strategies that can help in bringing your home insurance premiums down are:
- Reduce your liability by agreeing to share the burden of repairing. It will help in reducing your premium.
- There are many such things in our house which are precious to us but there is no point in insuring them if they are too old. For instance, your 10 years old black & white TV might be working well, but there is no point in insuring it at a depreciated value. Be wary while making an inventory of products to be insured. This is because the insurance company will not reimburse you the cost of replacement, i.e. cost of the new product. They will always give you depreciated value as you had used that product for some time.
Also Read: Why you Must Insure Your House?
- Take two or more insurance covers to become eligible to get discounts. i.e. cover more than one risk e.g. Earthquake + flood or flood 6 rioting etc..
- Like any other insurance plans, if insurers are convinced that you have installed all safety equipment at your home then you will become eligible to get discounted premium. If you have security guards posted 24×7 in the building and fire safety alarms installed at home, then you will get discounts in premium.
Also get quotes from different companies and make a right choice after comparing quotes.
- You should also read the contract agreement for insurance as there are many ‘Legal’ terms used, which may put you in the tight situation while claiming. Like the definition of Heart attack in Health Insurance Policy.