Part of living frugally is making sure that you’re not overspending on necessities in life. There are lots of areas where you can easily save money – if you’re prepared to do your research. One classic example is home insurance. Nobody wants to pay out for home insurance, but it’s not something you want to be caught without in case of a fire, flood or burglary in your home.
To reduce the cost of home insurance, you first need to make the effort to get a number of different quotes. You’ll then be prepared to go back to your current insurer at renewal time and ask whether they’re willing to match the lowest quote you’ve found to keep your business.
There are many different optional features on a home contents insurance quote and not having these is another way you can make savings on your annual costs. Each optional feature brings potential benefits, but it really depends on how much you think you will have need of the features whether you decide to add it to your annual costs for insurance or not.
Home emergency coverage is an extra feature that many people choose to pay more for. If you have a home emergency, like the boiler breaking down or the washing machine flooding, then home emergency coverage will mean that a tradesman comes to your home to deal with the problem within a short time frame and that the cost of the repairs and parts will be covered up to a ceiling amount.
Another extra feature on home insurance is accidental damage coverage. This is particularly popular with households that include young children and will cover you in the case of jam sandwiches being shoved into the home entertainment system or blackberry juice being spilled on a white carpet, for example!
Not everyone realizes that their contents coverage only covers their possessions when in the home, so if you lose your tablet or phone while out and about, your insurance doesn’t cover it. The only way around this is to include personal possessions coverage on your contents insurance, which means that items with you when away from the home will be insured. Again, this is down to personal judgement whether the extra premium costs will be worthwhile.
Look carefully at what you current home insurance covers and decide whether this is the right coverage for you. Then get some comparative quotes to check whether you're getting the coverage you want at the best possible price.