“There’s never been an earthquake in these here parts,” you might say. So did the people of Atlantis. Removing cover you think is unlikely to get cheap insurance for your building is only a good idea if you can afford the loss in the event that such a peril takes place. Getting cheap insurance for your building is not just a matter of comparing products, however. There are some things you can do to make your home or structural insurance less of a grudge.
1. Annual premiums
Some insurers charge an annual fee if you pay monthly premiums. This means you’re paying more than your debit order for insurance. Ask your insurer if they have an annual premium option to get cheap insurance for your building. More often than not, an annual premium is less than 12 months of debit orders combined. It also guarantees that your premiums won’t go up for at least a year.
2. Proper maintenance
Preventing claims is a great a way to get cheap insurance for your home or company building as insurers usually give cash back to clients with no claims. This means doing proper and routine maintenance to prevent damage from taking place as well as installing security to prevent burglars and vandals from damaging the building.
3. Combine policies
If you can, combine your buildings, contents and car insurance policies under one portfolio through one insurer. Insurance companies will give you a discount to move your insurance over to them and have it under one roof. If they don’t volunteer this discount, ask for it, otherwise all you’re doing is paying an extra admin fee.
4. Increase the excess
Not a good idea if you can’t afford it, but increasing your excess lowers your premiums. If you can afford to pay more by way of excess, then do so. You may save in long run as premiums add up quickly.
5. Compare products
We would say that. While insurance.co.za is an online insurance quote aggregator, our aim is not to make you move to different insurers, but allows you to compare your insurance premiums with other options to see if it’s market-related. If it’s not, you don’t have to move over to one that is, but take your new offer to your current insurer and ask them to beat it. If they can’t. Then you move.
The South Africa insurance market is competitive enough for comparisons to yield significant monthly savings, which accumulate into even larger annual savings. You can do this while you wait for that earthquake.