You already know that saving money is always a good idea. We tend not to think about many of the recurring payments we make to various parties as part of daily living. Subscription services, monthly fees, and annual insurance premiums are all examples of those payments. But it can pay off if you occasionally audit your yearly expenses to see where you might be able to save.
Home insurance premiums are one great place to start if you want to save money. But the catch is this: you cannot directly negotiate with an insurance provider on the price of your home insurance premium.
So, how do you lower your home insurance premiums? Saving on your home insurance in Trinidad requires you to get smart with your coverage. Here are five ways to do that.
1. Buy a Home Policy with Your Car Insurer
Packaging different insurances together under one provider’s roof can save you a lot of money, and it’s an easy place to start with your savings. Many insurance providers discount either your car or home insurance, or both, if you bundle them together. How much you will save depends on the insurer and the specifics of your situation, but if saving 5% to 25% on your insurance costs sounds attractive to you, this is an idea worth investigating further.
2. Increase Your Deductible
Raising your deductible, or excess, is another easy way to save on your annual home insurance premiums, but there is a balance here that you don’t want to upset. Yes, you can save money annually by increasing your deductible, but you also have to make sure you would be able to pay that deductible should an accident occur on your property.
For instance, if a storm comes through and ruins part of your house, you know that your insurance will foot the bill only after you pay the deductible. If you can manage the higher amount that you are considering, then you can move forward with your change and start saving money almost instantly.
3. Shore Up Your Home’s Defenses
We have written in the past that your insurance prices depend on the financial risk you post to your insurer. When your provider knows that you have lessened the chances of you filing a claim, it will typically give you a break on your prices.
One way to reduce your need to file a claim is to disaster-proof your home. Install wind-resistant shingles on your roof, get storm shutters for your windows, and build up your home’s foundation.
Those investments can protect your home in the event of a hurricane or earthquake, while giving you peace of mind. They also show your insurance company that you are now less of a risk. The provider may give you a discount as a result. Check with them to find out what they offer.
4. Compare Quotes
Insurance is a competitive industry. Every provider wants your business and is ready to promise you all kinds of benefits to earn it. That puts you, the customer, at an advantage.
However, to know what those offers are, you need to shop around and compare quotes. One company might offer exactly what you have now but at a much lower price, and you may never have known about it had you not looked around at prices. That’s why it is vital to examine insurance prices every so often: to ensure you are getting the best deal.
This is what we do at Shyft. Our software lets you compare insurance quotes from providers across the Caribbean. You can get quotes in a matter of seconds and start saving on your annual insurance expenses.
5. Upgrade Your Home’s Security
As we mentioned earlier, making your home safer from loss or damage makes insurance providers feel more secure about insuring you. If you’ve already storm-proofed your house, you can still upgrade its security in several ways. Check with your provider to see what discounts it offers for security improvements such as burglar alarms, dead-bold locks, and smoke detectors.
If you can get a break on your home insurance premiums by installing these things, and if it’s fiscally possible for you to do so, then this is a sound investment in your home and financial situation.
Compare Insurance Quotes and Save with Shyft
The key to lowering your home insurance premiums is to get locked in with the right insurer and follow the steps above. Not every provider will offer the coverages or discounts you want.
You must do what is right for you and your family. Shyft lets you do that with our comparison tool. You can shop all quotes in seconds and instantly start saving money on your premiums.
Shyft is here for all your home insurance in Trinidad needs. Compare quotes and save right now!