Few tenants know this, but it is possible to lower your home insurance in order to cope more easily with this charge and gain a little purchasing power. To do this, our experts share here with you 5 tips that are really effective in lowering the amount of this premium.
Summary
Assess your property at fair value to lower your home insurance
To reduce the cost of your tenant’s home insurance, the first thing to do is to carry out a detailed assessment of his property. Indeed, if it may seem time-consuming and unimportant, this task is essential to save money. In addition, it is a good opportunity to have a fairly precise idea of the value of your assets.
As a tenant, you will not have to insure the walls of the dwelling. On the other hand, you will have to specify to your insurer the value of your household appliances, your furniture, your jewelry, your high-tech equipment, etc.
The premium to be paid will depend on the value of the personal property you insure. Therefore, if you declare for example furniture of 10,000 euros when their real value is 5,000 euros, you will pay an abnormally high premium. But at the same time, you will not benefit from higher compensation in the event of a claim.
Similarly, if a property has a value of 10,000 euros and you declare it at 5,000 euros, the amount of compensation you will receive in the event of a claim will be underestimated.
Secure your home to lower your home insurance premium
The security level of your home has a direct influence on the amount of the premium you pay. To lower it, optimize the security of the premises and update your contract.
Install safety equipment
Subject to the agreement of your landlord, install security devices in your home.
Equip armored doors and windows or install higher quality locks. Install an alarm or remote monitoring system and smoke detectors. Also buy secure containers to store your valuables.
These protection elements can allow you to reduce the amount of your premium by 15 to 20%.
Request an update to your contract
If you already have a home insurance contract, inform your insurer the installation of security devices and ask for an update of your contract. The latter can then revise the amount of your contributions downwards, taking into account your recent work.
Also be aware that the departure of certain members of the household or the removal of equipment can lower the amount of contributions.
Eliminate unnecessary warranties to save money
Before taking out home insurance, carefully read the list of guarantees included and make sure there are no duplicates compared to your other contracts.
For example, if you already have school insurance, it is useless for the civil liability guarantee of your home insurance to also take your children into account. You can remove this coverage to lower the premium payable.
Likewise, choose guarantees that you really need. For example, if you rent an apartment on 2e floor of a building, it is obvious that you will not need a swimming pool guarantee or even a garden guarantee. Likewise, if you live in an apartment, insurance for exterior pipes is unnecessary.
Modulate the amount of deductibles to lower your home insurance
The deductible is the amount that remains your responsibility in the event of a claim. In other words, this is the part of the repairs that your insurer does not cover.
For example, if the deductible is set at €500 and a loss of €1,500 occurs, the insurer pays €1,000 and the rest is your responsibility. Similarly, if the amount of the repairs is less than or equal to €500, everything is your responsibility.
Of course, the lower your deductible, the higher the amount of premium to be paid because the insurer will have to disburse more funds for the repairs.
To save money, you can negotiate the deductible upwards on certain guarantees. Make simulations by varying the amount of contributions and deductibles to find a reasonable balance for your budget.
Bringing competition between several insurers
In order to reduce the cost of your home insurance, play the competition between several insurers. For it :
Use an online comparator
Using an online comparator, you will get the offers that best suit your profile and your needs in a few minutes. So you can easily find the insurer who offers the best offer in terms of price and guarantees.
Change contracts at the right time
Several legal devices today allow you to change home insurance to save money. Indeed, you can do this:
- During the first year if you justify a change in personal situation: a move, retirement, loss of professional activity, or divorce, for example. In this case, you must inform the insurer within a maximum period of 3 months;
- On the first anniversary of your current contract ;
- At any time after the first year, free of charge and without penalties.
Read also: Landlord: How do I insure my seasonal rental?
