The truth is that this is not always the case. If you want to make sure you pay a fair price, here are 8 tips that will help you save on home insurance .
Saving on home insurance is possible, here are 8 tips
Home insurance is not mandatory (although the bank requires it to grant you the mortgage). However, it is recommended, since it is where we live and we must protect ourselves against any problems that may arise, to make sure that everything is covered and there are no setbacks.
Although it is true that during the first years of the mortgage, the bank may make it a requirement that you contract certain insurance with them. Of course, then you have total freedom to change. But is it worth paying for this insurance?
Imagine that for a moment your washing machine breaks, you have leaks and you damage the roof of the neighbor below. Have you ever stopped to think how much such an arrangement could cost? The same goes for rental flats, as it’s important to cover your back for whatever happens, even if it’s with more basic insurance!
- Reasons to take out home insurance
But… have you ever stopped to think if you pay a fair price? You may be overpaying! Check out these tips to find out:
1- For rentals, only the mainland
If you are the owner of a rental apartment and it does not have furniture, what you can do is take out home insurance but insuring only the mainland. It will be much cheaper for you and you will have your back covered, since it covers what interests you the most.
2- Adjust the value of the continent to the real value of the construction
A common mistake in home insurance and that can make you pay more, is to insure the current value of the home in the market, instead of the real value of the construction. This is important information because if there is a loss, the insurance company will pay you the reconstruction cost , not the purchase value. So, it is not advisable to pay more when you are going to receive less than you think.
3- Check what the community insurance covers
You pay for the community of owners insurance with your monthly community fees, so you can access it if necessary. Let’s say, for example, that you are interested in insuring the continent of your home at first risk . If so, your insurance company will pay you the insured company that appears in the policy, but the rest could be borne by the community.
4- Some reforms can make you pay less
If the time has come to reform your home, take advantage! The same happens with the works carried out in the building to improve the conduction of water or electrical systems. They can make you pay less on your insurance by incorporating newer and more efficient systems.
5- Be careful to secure the land
The fact of including the land increases the policy a lot . If you remove it, you will get a cheaper price. But is it worth removing it? The truth is that if a fire breaks out, everything will burn, but the land will not disappear, it will continue to be there.
6-Watch the limits and maximums
When looking for a way to save on home insurance, consider the limits, maximums, minimums and deductibles . The fact of covering more or less amount can cause the total amount to be paid to vary. If you want to pay the minimum, reduce these values as much as you can.
7- Be careful with small details
There are details that can make you pay more in insurance. To do this, try to be precise with the data you provide. For example, in reference to whether the home is disabled at any time of the year, if it is in an unpopulated area, the distance from the service area, etc.
8- Ask for several budgets
If you really want to save on home insurance, apart from taking into account all the tips that we give you in the article, the definitive trick is to ask for several quotes and compare, to see who offers you the same but for less money .
>Now you have no excuse to save on your home insurance
Remember that at Fintonic we can lend you a hand so that you can save on home insurance . And if we see it? Download our app and test what you would pay or directly use our online home insurance simulator .
- What should I look for to take out home insurance?
Tell us, what is your trick to pay less in insurance? We hope these tips work for you. Your accounts will notice and financial health will grow!