How To Lower The Cost Of Your Home Insurance in Singapore?
Home insurance in Singapore covers alternative accommodation, personal belongings, renovation works, and even repairs to your neighbours damaged property that you are liable. It needs mentioning that the premium for home contents insurance depends on the amount insured but not the size of the house.
Home insurance in Singapore is required and it can be expensive. However, there are still some tips to make savings on your home insurance premiums.
Perhaps one of the biggest savings you can make is by shopping around or get a specialist broker to investigate when your policy comes up for renewal. Complacency is the biggest reason why people pay more for their insurance than they need to. Don’t just automatically renew your policy without first looking to see if you can get a cheaper deal. While this is the easiest option, it can also be the costliest.
Secondly, if you have access to the internet you will probably be able to make bigger savings by shopping and buying your home insurance online. By shopping online and using a brokerage you are able to get access to many more companies than you otherwise would. Most online companies will provide you with a discount for buying online as it reduces their paperwork and processing so they pass some of that savings back to you!
The easiest way to lower your premiums is to make sure you answer honestly any questions relating to your current health, if you are a smoker or not and if you have burglar alarms and smoke alarms installed. With the latter, this can also save you money on your premiums.
The amount of excess you are prepared to pay will also have an effect on your premium. The more excess you pay, the lower your premium can be. Other small considerations which you can make include joining a neighbourhood watch scheme and having good quality locks installed on your doors and windows.
Never be tempted to go for what seems like a great deal solely on the premium however, remember that the amount you are covered for also counts as does the type of policy you choose.
Home insurance in Singapore is required and it can be expensive. However, there are still some tips to make savings on your home insurance premiums.
Perhaps one of the biggest savings you can make is by shopping around or get a specialist broker to investigate when your policy comes up for renewal. Complacency is the biggest reason why people pay more for their insurance than they need to. Don’t just automatically renew your policy without first looking to see if you can get a cheaper deal. While this is the easiest option, it can also be the costliest.
Secondly, if you have access to the internet you will probably be able to make bigger savings by shopping and buying your home insurance online. By shopping online and using a brokerage you are able to get access to many more companies than you otherwise would. Most online companies will provide you with a discount for buying online as it reduces their paperwork and processing so they pass some of that savings back to you!
The easiest way to lower your premiums is to make sure you answer honestly any questions relating to your current health, if you are a smoker or not and if you have burglar alarms and smoke alarms installed. With the latter, this can also save you money on your premiums.
The amount of excess you are prepared to pay will also have an effect on your premium. The more excess you pay, the lower your premium can be. Other small considerations which you can make include joining a neighbourhood watch scheme and having good quality locks installed on your doors and windows.
Never be tempted to go for what seems like a great deal solely on the premium however, remember that the amount you are covered for also counts as does the type of policy you choose.
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