For many people the most important factor in determining if a home owner’s insurance policy should be taken up is the insurance rate or premium payable every year. Most will assume that the coverage of all the policies are roughly the same and only use the price as an indicator to how viable the insurance policy is. This is quite dangerous as the next worst thing to being uninsured is being under insured. Below we have listed some of the cheapest insurers we found that still have solid plans and coverage. 

Additionally, we will also continue to show you some easy to follow ways to push down the premiums of your insurance down further without hurting the level of cover that you have.

The newer a house is the less insurance it actually needs and thus the owner will enjoy a reduction in premiums. Newer houses pose less of a risk to the insurer as less things can go wrong. All the internal features of the house are still in great shape and the structure is as sound as it can be. Generally a new home will attract a saving of between 9-15% off the yearly premium.

The same also applies to home renovations. If you have a renovation in your house then it is important that you let your insurer know about it. The reasons are basically the same as why a new house will receive discounts on its premium. When renovating, fixtures and fittings are refreshed so the chances of something going wrong are reduced along with the risk posed to the insurer. The reduction depends largely on the degree of renovation you are doing in your house. This is why with renovations it is vital that an accessor comes to your house to determine the level of renovation done and how what reduction in premium you should enjoy.

Very few people know that the premium on your house also depends on the material used to construct your house. This is just one of the quirks stemming from the weather condition from the different parts of the nation and how houses built using certain materials withstand the weather conditions better. As an example, a brick house on the east coast will attract a lower premium while the opposite is true on the west coast. Wood frame houses will withstand earthquakes better so houses built with this material on the west coast will enjoy a discount.

Another thing that many homeowners do not know is that home owner insurance only covers the value of you house so it is pointless to include the value of your land because there is almost nothing that can reduce the value of your land that is insurable. Thus if you actually add the value of your land into your insurable sum you are effectively over insuring yourself, there will be no circumstances where you can possible claim up to the level you have insured.

For your reference we have also provided some more comprehensive insurers so you can get an idea of how much your insurance products might cost normally:The basics of shopping around are also very important. It is extremely rare that you can get the best deal from the first quotation you get. The best bet is to get as many quotes from different insurers so you can get a better idea of which ones offer better value. Start your search online that insurers generally have lower quotes online due to the stiff competition they receive. Sort out the cheaper insurers and finally start negotiating with them to get the best prices.