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Friday, 25 September 2009 11:57
Your home insurance policy is worked out according to several risk factors, such as the quality of your home (the structure), the area in which you live, the security of your home and obviously who, if anyone, is living in the home. Knowing what influences your home insurance premiums can be useful when reducing the amount you pay each month.

Compare Quotes
The easiest way to reduce your home insurance premium is to shop around for different quotes. Despite the rumours, home insurance policies differ greatly in price and cover between insurers so it pays to compare. When comparing different policies, though, make sure to compare the same cover and not just price. One policy might be cheaper, but that could be a result of less cover.

Group Insurance
One of the easiest ways to reduce home insurance premiums is by taking out home insurance with the insurance company who insures your car. When making comparisons it might be beneficial to see which insurance providers offer the best discount when insuring both your home (and household) and car with them. Owning a home and insuring its structure is essential, but so is a household insurance policy protecting your items in the home. Ask your insurer if taking out a home contents, all risks or portable possessions insurance policy will bring down your premiums on both. Both are important.

Area of your Home
While moving your home is not worth it for lower insurance premiums, take note of the crime statistics and risk value of your home before purchasing it. Although we do not suffer many natural disasters in South Africa, it may also pay to check the water levels or amount of rain over the last five years before buying a home to determine if it is a higher risk area for floods.
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