Save Money On Home Insurance

Learn How To Manage Home Insurance


To save money on home insurance, you really need to think like an insurance company.

So what does this mean exactly?

Well, an insurance company wouldn’t insure itself if it could help it as it would know the statistics are against it.



Just as the (management) house gradually makes money from gamblers at casinos, so insurance companies gradually make their money by having a pool of people pay slightly more than the percentage risk of them needing to make a claim – and so on.

In this way, they gradually win out on a “two steps forward, one step back” type basis. We all know the score and it doesn’t mean, of course, that it isn’t sensible to have insurance.

In fact, it’s absolutely essential and nowhere more so than for our main assets, our homes.

But even though the house is the most valuable thing by far that most of us ever own, it still isn’t worth over insuring.

In fact, over-estimating the value of your home is one of the most common mistakes people make in paying over the odds for their building and contents insurance .

It’s far better to be accurate about the value of the building or, more specifically, what it would cost to rebuild - which is really all that’s relevant for insurance purposes.

Similarly, other measures like burglar and fire alarms, secure windows and doors, safes and general security measures can all help bring down the costs.

But remember, too, that simply not making a claim is one of the biggest on-going savings, so do all you can not to have to by being sensible in protecting against fire and flood damage, and electrical faults etc.

Also, upping the voluntary excess to the maximum permissible can really help lower your building insurance quotes as, after all, you really don’t ever want to have to claim, so doing this will help keep you focused.

Overall, think like the insurer rather than the insured, and you should be on the right lines.


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Stock Market Investing Tips