There are many options available, which in some cases offer different features or benefits. Once you ascertain how much you want to insure your property for, call a few insurers and get a quote.
INCREASE YOUR EXCESS
Most insurances routinely set a level of excess to your policy. An excess is an amount of money which you will need to pay whenever you lodge a claim against the insurer. For example, if you are robbed and the estimated amount of stole goods was $5,000 and your policy has an excess of $1,000, you will only receive $4,000 from your insurer.
Increasing your excess will result in a lower premium, as you are taking on more risk off the insurer. Obviously, you need to understand how a higher access would affect you and consider if you are able to pay the excess amount if needed.
INCREASE YOUR HOME SECURITY
Having a security system, cameras, security doors and other methods of security, generally are viewed positively by insurance companies, resulting in lower premiums.
FIND OUT HOW MUCH YOUR ASSETS ARE REALLY WORTH
Sometimes we can overestimate the value of our possessions overlooking the age of the item, and the overall condition. Use a handy calculator to get an idea of how much the stuff in your house is worth and establish an accurate overall figure for your insurance.
TIP If necessary, obtain advice from an insurance broker on the best way to value your belongings. Overestimating the value will result in a higher premium but underestimating can make it difficult to replace your assets if a claim occurs.
BEWARE OF RISING RENEWAL PREMIUMS
Insurance renewals can result in your insurer automatically adjusting the value of your insurance automatically. Ensure you review your policy and if you believe that the increase of your policy is too high, contact your insurer and ask for an adjustment.