Day 13 - Save Money on Home Insurance (Building & Content)

Discussion in 'How To Save Money Using 60 Minutes Everyday' started by Shobir, Oct 31, 2013.

Welcome to the Find Some Money Forum
I Need 1000 Dollars Right Now

I Need 500 Dollars Right Now

I Need 100 Dollars Right Now

- The Find Some Money Forum is a community of members dedicated to helping each other Find More Money.

- On this forum you will find information on making money, saving money as well as investing money

Thread Status:
Not open for further replies.
  1. Shobir

    Shobir Administrator Staff Member

    Admin Post
    After turning my personal finances around just by spending 60 minutes every day on small projects I decided to share everything I learned to get my self in a better position when it comes to money. I will be serializing all the 60 minute projects so other people can try them to get their finances in better shape. Most of these tasks will take no more than an hour and it's those tasks that we love to put off. So join me from Day 1 to Day 13 to see if you can get yourself in a more prosperous place financially.

    Day 13 - Save Money on Home Insurance (Building & Content)

    Your home is the most valuable asset you have and it's important that you protect that asset. By protecting it I mean having insurance in place for the actual building in case of fire, and contents in case of a burglary. You could save money your entire life and have it wiped out if you need to rebuild your house after a disaster. During Day 13 we review any home insurance we have in place already, if we don't have home insurance then it's time to set up a policy so you can have peace of mind. It is not financially smart to leave your home unprotected even if it means paying a monthly premium.

    Lets suppose that you don't have any insurance in place, your first step is to rectify this. Go to any price comparison site for home insurance and then put all your particulars in. When your filling in all your data for the home insurance policy it's important that you don't leave anything to chance. If you're not sure about a particular question you need to find out and submit the correct information. There's nothing worse than thinking you've got protection in place only to find that you've missed a crucial piece of information which invalidates your policy on a technicality. Insurance companies answer to their shareholders and it's their responsibility to make money while helping the least amount of people on risk.

    It only takes about 15 minutes to get a quote online to find the cheapest insurer. Before you go through the entire process check all the information that you need and make sure everything that you submit is correct. Some of the places you could stumble on are the types of locks you have on your door or the exact make of burglary alarm you have. You should also take time to work out the rebuild value and check to see if you're in a high risk area. It's much better to do your due diligence now so that in the even of a claim you'll go through the process smoothly. It's cheaper to pay annually so just pay it and get it over with.

    In addition to insuring your building you should also insure the contents from theft and accidental damage. Accidents do happen and it's better to pay a monthly premium than to delve into your emergency fund.

    If you've already got insurance in place it's important to review the policy from time to time. I realize it's boring but you should read through the main points of the policy documents to find out if you're over or under insured. When you're up for renewal your mission should be to find the cheapest quote possible, loyalty does not pay and it's your frugal right to pay the least amount of money.

    Every time you set a new policy up it's important that you review the information that you've submitted. At the risk of sounding like a broken record it's better to ensure everything is correct than to get a claim denied. There's a possibility that you might be under or over insured when it comes to content insurance, consequently it's a good idea to check the value of what you want insured and then put the right figure on it.

    Once you've got your quote you should go to cash back sites to check if they are offering any discounts. There have been occasions where the cash back offered was greater than the cost of the yearly premium and consequently the applicant got money back!

    Reviewing your insurance or setting it up for the first time is high on my list of the most boring thing you can do, however if the worse was to happen your finances would still remain intact. Imagine saving for years and then having to use the money to buy new things for your home or paying someone to rebuild it completely. So rather than rubbing shoulders with financial ruin get a quote now, make it the next thing you do because it might be the most profitable act you even did.
    james oduor, hamza and Simrin like this.
  2. Simrin

    Simrin Newbie

    I know so many people who don't bother insuring their property and opt instead to go out for a drink. I've been tempted at times to cancel the policy however when the thought of rebuilding it comes into my head I continue paying the premiums. It is painful but it's the kind of pain that can't be avoided.
    hamza likes this.
  3. hamza

    hamza Newbie

    I hate it when insurers deny claims on small technicalities like locks. If the house was to be broken into then the robber would be able to break a 5 lever lock as well as a 3 lever lock. You point about insurers answering the shareholders is completely right, we are here to make them rich. Good Article.
  4. james oduor

    james oduor Newbie

    I once made a complaint about the administration of my policy and got six months free. It's definitely worth picking up on any mistakes made by the insurance companies, they would do the same.
    Shobir likes this.
Similar Threads: Save Money
Forum Title Date
How To Save Money Using 60 Minutes Everyday 4 ways to save money on bills Jan 13, 2016
How To Save Money Using 60 Minutes Everyday Day 10 - Save Money on Entertaining Yourself Oct 28, 2013
How To Save Money Using 60 Minutes Everyday Day 11 - Stop Wasting Your Time and Make Money Oct 29, 2013

Thread Status:
Not open for further replies.

Share This Page

Popular Posts

I Need 500 Dollars Right Now

I Need 400 Dollars Right Now

I Need 300 Dollars Right Now

I Need 200 Dollars Right Now

I Need 100 Dollars Right Now