The average price of most items tend to increase with time. This can also apply to your home insurance policy. Home insurance premium, like any other goods or services tend to increase with time. Over the last decade the price of home insurance increased by as much as 50%. This is because over time, the value of you home increases. Therefore, it means that the cost to repair it also increases. The insurance companies have to comply with the rise in the cost. Therefore, they will have to increase the insurance premium as well.
If you tweak your policy a little and make some long term investments, you will be able to keep the cost under control. But before you actually make any changes to the policy, it is necessary for you to check with the insurance agent and ensure that the changes will not at all compromise with the deductibles of your house insurance.
If you are interested to know about the five important tips, that will lower down your insurance premium, you can go through the discussion given below:
- Reinforcing your home
If you make some investments like reinforcing the roof, retrofitting the house so as to prevent the earth quake and update the utilities then it will certainly lower down your insurance costs. With these improvisations the risk of water damage and fire is reduced to a great extent. If you seal your roof deck by adding some water barriers then there is a possibility that it will lower down your premium. You may feel that the initial cost of such investments are high. But in the long run, they will help in lowering down the home insurance premium and will be quite beneficial.
- Reduce the risks of flooding
If you live in a place where the chances of flood is high, then you can take steps to lower down the flood openings. For this you will have to elevate the utilities above the ground level. You will also have to elevate the home. Doing this will certainly lower down your insurance premium.
- Better roofing
Over time, the roof of your house, will get damaged. The lightening, snow, hail, wind etc. can actually damage the roof to a great extent. It is therefore very important for you to install the resistant roofing and also replace the shingles. This will make your home less susceptible to the water leaks and the damages. These can ruin your house and you might have to file in for a home insurance Ireland claim. If your home is weather proof, then the insurance companies will consider it to be less risky. Therefore the insurance premium will certainly lower down.
- Old age:
Speeding up the aging process is not possible. But the senior citizens can actually get to pay a lesser amount of premium. The retirees are considered to be less of a risk as they tend to spend more time at home. There are also some companies that provide discounts to people aged 50 years or more because it is believed that they are financially responsible and secure.
- Green Building
If you fit some energy efficient materials at home, then that would certainly help in lowering down the premium. But this will also help you to get the state as well as the federal rebates. Again, if you update the plumbing systems, the light bulbs as well as the electrical equipment, then that will lower down the utility cost and will make your home a much safer place to be in. You get a discount from your insurance company because you have updated your home with the latest materials. House Insurance Ireland should be done from one of the best and the most reputed insurance companies.