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Top tips to reduce the cost of your home insurance

Small house model over wooden table outdoors at garden and kid playing. Selective focus.

10 Mar 2017

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If your home is your castle, think of home insurance as the moat that surrounds it and keeps all the stress and trouble at bay. No lord or lady of a castle ever wanted to test their moat by having an invading horde try and cross it. Likewise, no homeowner wants to end up in a situation where they have to make a claim.

Still, the money you pay out on home insurance is as much about peace of mind as it is about providing a safety net in the worst case scenario. Your home insurance could cover you for theft to accidental damage to the worst type of home disasters such as large fire or floods. Knowing that you’re covered is worth every cent you spend.

That’s not to say that home insurance has to be expensive. Of course, one of the best ways to save money on your home insurance is to get four months of free home insurance from EBS (more on that later!). So what else could you do to reduce the cost of your home insurance?

Burglar alarm

Insurers naturally favour customers who go to lengths to make their home safer. So if you have a burglar alarm, it offers extra protection but it also acts as a deterrent to potential burglars.

The AA recently revealed that the average theft claim made to home insurers in Ireland was €3,500. Wexford had the highest average claims for theft at €6,600, ahead of Louth (€6,286) and Meath (€5,300).

Most insurers will require that your burglar alarm meets a certain standard before they’ll offer a discount on your premium. Putting up a tripwire with bells attached may very well serve as an early warning system but it’s still not what you’d call a burglar alarm. Make sure that the alarm is suitable to protect you from the risk of theft.

Smoke alarms/neighbourhood watch

Having smoke alarms is a bit of a no-brainer these days so you’ll be glad to hear that it could also help to reduce your premium. Of course, it’s also a pretty good way to protect your home from fire so everyone’s a winner.

Being a member of a neighbourhood watch scheme could also reduce your premium. Joining one of these groups may not have been on your list of things to do but it has benefits when it comes to the cost of your home insurance. You may even find that you enjoy being more involved with your community.

A voluntary excess

A voluntary excess doesn’t mean that you suddenly go out and indulge in a life of excess and wild living. The excess in question is the amount that you have to cover before a claim starts paying out, with the standard excess on an EBS policy being €250.

Choosing a higher excess could result in a lower insurance premium. It means you’ll pay less upfront but you won’t be able to claim quite as much if you do make a claim. It basically comes down to a judgment call about what’s the most sensible option for you.

So if you’re making a claim for €1,000 and your voluntary excess has been increased to €400, you’ll be paid €600 on the claim. The key is to make sure the voluntary excess is affordable in case you ever have to make a claim.

If you’ve been paying home insurance for 30 years and never made a claim, it would be understandable if you opted for a high excess and a lower premium. In the end, it’s another option to explore if you want to pay less on your home insurance premium.

Avoid unnecessary claims

Your No Claims Discount on your home insurance works in a similar way to a no claims bonus on a car. You’ll pay a lower premium if you haven’t made a claim. The clue is in the name! Not making a claim remains one of the easiest ways to keep your premium down.

That’s not to say that you shouldn’t make a claim if you really have to – it’s just a good idea to use a common sense approach. If you make a claim for a very small amount, you could end up losing out in the long-term, so make sure you consider whether it’s worthwhile claiming.

Second property premium reduction

Obviously, this isn’t going to be practical for everyone but it’s an easy way to get a reduced premium if you have a second property. If you own a second property that’s insured with EBS, you could get cheaper insurance on your main home. So you could make a saving and ensure that all your home insurance needs are being met by just one insurer. That’s a pretty good deal.

Get four months free home insurance with EBS

You may remember that we mentioned this great little deal from EBS earlier. So what’s the story, you may ask? Well it’s quite simple.

EBS are offering four months of free home insurance, which equates to 36% off your annual bill in year one. Not bad, eh? It’s available to new policy owners who take out 12 month’s owner occupied buildings and contents cover.*

To find out more about EBS Home Insurance, why not check out our insurance policy details.

EBS Home Insurance is brought to you by EBS d.a.c and is solely underwritten by Allianz p.l.c. Allianz p.l.c is regulated by the Central Bank of Ireland.

EBS d.a.c. is regulated by the Central Bank of Ireland.

Information correct as of October 2016.

Standard acceptance criteria, terms and conditions apply. A policy document including policy exclusions and the full terms and conditions of EBS Home Insurance is available on request. Allianz p.l.c is regulated by the Central Bank of Ireland.

* You have to pay by direct debit or along with your EBS mortgage to avail of the full discount and the offer is subject to a minimum premium of €126 for Buildings, €105 for Contents and €12.60 for All Risks. If you’d prefer to pay your premium by credit/debit card or cheque you could still get up to 28% off your first year premium.

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