Tips to reduce your home insurance premium

We all hope nothing happens to our house. But lets face it – touching wood only gets us so far. Home insurance doesn’t only give you an important safety net if something does go wrong, it can also help you worry less right now. 

Hanging a horseshoe over the door might not be the most effective home insurance policy, at least it’s cheap, right? Some people avoid getting a home insurance quote because they’re worried it’ll be too expensive. But if something were to go wrong with your home or its contents, could you afford not to be insured? Here are our top tips on how to get the best value out of your home insurance premium, while keeping you covered. 

Value your contents correctly

Since we don’t often think about how much our assets are worth, it’s easy to value them with the first number that comes to mind. But undervaluing or overvaluing your contents can be a mistake. While you don’t need to track every item in the cutlery drawer down to the cent, valuing your contents as accurately as you can is a great way to save money in the long run. 

If you overvalue your contents, you’ll be paying more than you need to for your home insurance premium. And if you undervalue your contents, you could be caught short if you need to make a claim.

To keep your estimates accurate and your premium low, jot down your assets, keeping digital records of as many receipts as you can.

Increase your excess

When you make a claim on your home insurance policy, you may be required pay an excess. The way an excess often works is: the higher the excess, the lower the premium, and vice versa. With GIO Home Insurance you can choose to vary your excess. And the more you increase your excess the lower your premium will be. Therefore, you need to think about whether you would prefer to pay a lower premium and a higher excess (at the time of a claim), or pay a higher premium to pay a lower excess.  

Keep your house safe

Your home insurance can help you stay in control when something goes wrong, but prevention is a whole lot better than cure. Do what you can to keep your home safe from different kinds of threats, like checking your fire alarm regularly and locking doors and windows when you’re out. Plus, installing a burglar alarm won’t just help deter potential thieves, in some situations, it can also make your insurance premium cheaper.

Combine your policies

Did you know that if you hold three or more eligible policies with GIO, you can save 10% on your premiums?1 That includes Home Building, Contents, Landlord, Car, Motorcycle, Caravan and Boat Insurance. 10% is a huge saving over the lifetime of your policies, and it’s a lot of easier to manage your insurance when it’s all coming through the same trusted provider. 

Compare Home Insurance Options

To find out more about GIO Home and Contents Insurance call us on 13 10 10 or get a quote online now and don’t just think you’re covered, know with GIO.

1 Terms and conditions apply

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