Your home provides you shelter, security and equity. It is also the place where you hold most of your valuable items and your most treasured memories. As such, it is important to insure your home and the items within it.
One critical factor to look at when insuring your home is the cost of your policy. There are several things you can do to ensure you buy a home insurance policy at a friendly price. They include:
- Don’t settle without all the facts
Before you buy a policy, you have to look at what different insurance companies have to offer. You can check online on company websites, call or visit each insurance company. To learn more about UAE home insurance policy read RSA Guide.
You should also read any customer reviews about different insurance companies to gauge the quality of service you will receive.
- Pay a higher deductible
In insurance terms, a deductible is the amount you have to pay from your own pocket, in the event of a loss, before your insurer makes any payment towards your claim. In order to pay lesser premiums, you have to increase your deductible.
Insurance companies have different deductible amounts for different types of damage. If, for instance, you live in an area that is likely to experience both storms and earthquakes, the deductible amounts for both disasters will vary from each other.
- Don’t include the value of your land
Normally, when quoting property value, there’s a tendency to include the value of your land. This should not be the case when it comes to insurance as your policy is only targeted at your house.
If you give the total value of your property, you will pay very high premiums.
- Buy your policies from the same place
More often than not, you will get lower quotes when you get different policies from the same insurer. Call the different insurance companies to get exact costs and settle for the one you feel best suits your budget.
- Let the insurer know you are shopping around
Each insurance company will want to sign you immediately after you make inquiries. This is the best time to make it known that you are researching other companies and you will only settle for the best.
A good insurance company will take your contact details and will reach out to you with better offers or to hype their other benefits.
- Don’t leave out any details about home occupancy
If you have a person in your home throughout the day, you should mention this fact. A home that is occupied at all times is less likely to be burglarized or burn to the ground.
Such facts mean that your home represents a lower risk and will therefore get better rates.
- Take advantage of your history with your insurer
Companies tend to reward their most loyal customers. If you have held a policy with the same insurer for a prolonged period of time, insist on a discounted premium.
If you follow the above tips, you will get your home insured at a lower price.