How To Save On Your Homeowners Insurance

Nov 2, 2023 | Property

As a homeowner in South Africa, it’s becoming increasingly more important to consider all aspects of the financial implications that go with being the king or queen of your castle. One of these considerations is insurance, by which we mean both home contents and homeowners insurance.  

Home contents insurance is what you’d get to cover all of your personal belongings that you put inside your home, protecting yourself against the costs of replacing or repairing anything stolen or wrecked by accident. Homeowners insurance, on the other hand, covers the physical structure of your home and its outbuildings. Things that cost a lot more to fix than a TV.  

Typically, the banks offer homeowners insurance as part of their home loan package. Most people assume that it’s compulsory to get this cover with the bank, but that’s not true. In fact, there are several advantages to checking out other insurance providers, such as the fact that exploring other insurance providers can open up a range of additional cover options. This way, you can tailor your policy and potentially save money in doing so. Additionally, while banks may offer homeowners cover, their primary focus is on banking services rather than insurance. By choosing an insurance provider that specialises in home insurance, you’ll benefit from enhanced customer service and expertise.  

Lastly, you could save quite a bit on your homeowners insurance premiums by looking beyond the bank. With that in mind, let’s delve into a few steps you can take to make sure that you’re getting the most affordable rate for your homeowners insurance. 

It Starts With Shopping Around  

One of the most effective ways to save on homeowners insurance is to shop around and compare rates from different insurance providers. This is the key to finding the best cover at the most affordable price, so it’s important to do your research and obtain multiple quotes.  

If you simply go with the first quote you get, you could miss out on superior cover, cheaper premiums, and additional benefits – like a home assist service with free call-outs to help you with a broken windows or burst pipe. 

Bundle And Save 

As you shop around, make sure you start with whoever is handling your car insurance. A number of insurance providers in South Africa offer discounts for bundling multiple insurance policies. Consider consolidating your homeowners insurance with other policies, like your car insurance, and you could very well enjoy significant savings on premiums. 

Improve Home Security  

One of the factors that insurance companies look at when calculating your premium is the risk that your property poses. So it stands to reason that any improvements you make which reduce your risk could result in cheaper cover. Case in point, enhancing the security of your home. By installing security systems, such as burglar alarms, smoke detectors, and security cameras, you can lower the risk of theft or damage and make your home more secure. As a result, these updates could help reduce your insurance premiums. 

Maintain A Good Credit Score 

Oddly, one thing that could help you save more on your homeowners insurance is your credit score. Some insurers will consider your credit history when creating your risk profile and calculating your premium. As a result, maintaining a good credit score by paying bills on time and managing debt responsibly can help you secure lower insurance premiums. 

Review Your Policy Regularly  

This brings us to our final point, which is to review your homeowners insurance policy regularly. Not only will this help you make sure that your policy aligns with your current needs, but if you’re making security improvements and acting to improve your credit score, then you can ask your insurer to review based on these changes. You can also take the opportunity to shop around and use these changes to get better quotes to compare. 

We hope that these strategies will help you save on homeowners insurance in South Africa, and if you’re keen to get a head start, then simply get a commitment-free homeowners insurance quote.

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