09 Apr Tips To Lower Home Insurance Premium Rates in Kenya
When we take out domestic package insurance Kenya, we ask ourselves many questions such as: what will be covered and what will not be covered? How much do I have to pay to get an adequate insurance? Or, failing that, are there ways in which I can save on the cost of my insurance and still have good coverage?
Precisely to answer this last question Next Insurance establishes some recommendations that can offer you a considerable reduction in your home insurance premium rates, and a saving in hundreds of shillings when purchasing your home insurance.
Pay attention to the following tips:
Shop For The Best Home Insurance in Kenya
First, review your current insurance policy and make sure your coverage justifies the rate you pay. Otherwise, consider updating your insurance policy or look for a new one with another insurance company.
When shopping for your home insurance, contact a licensed agent, broker, or insurance company to find the policy that is right for you.
A Next Insurance Broker can help you. He will ask the right questions to make sure you get the coverage you need. He will also do his best to get a great rate for your home insurance.
Increase your Homeowners Insurance Deductible
The “deductible” is the portion of the total amount of your insurance claim that you agree to pay for yourself or that your insurer requires you to pay. Your insurance company is responsible only for the amount remaining after the payment of your deductible.
Usually, home insurance policies include a deductible. By increasing, for example by 500 KSh to 1,000 KSh, it you may reduce your premium.
Note: Remember, if your deductible is higher, you will have to pay more in the event of a loss before the rest is paid under your policy. For example, if your roof suffers 3,000 KSh in damage from a storm and your deductible is 1,000 KSh, you will have to pay the first 1,000 KSh to repair the damage before your insurance company refund the remaining 2,000 kSh.
Also Read – Domestic Package Insurance Coverage In Kenya
Group your car and home insurance
Consider grouping your home and auto insurance in Kenya. When you combine your two insurances with the same insurer through Next Insurance, you could save 5 to 15% on your premiums.
Have a security system installed in your home
In addition to smoke and carbon monoxide detectors, which become mandatory in most provinces, you can also reduce your insurance premium by installing deadbolt locks and an alarm system connected to a central police station.
By connecting the alarm system to a central police station, you can get up to 15% off your premium. Arm every time you leave the house to avoid conflict with your insurer in the event of theft.
Review your home owner insurance coverage every year
Have you changed the roof, updated the plumbing, redone the electrical system or replaced the woodstove? Notify your insurer of these renovations, as these improvements reduce your risk of loss.
Your homeowner insurance policy must match the current value of your home on the market and its condition, and include any improvements or major renovations and major purchases you have made.
Review the specific terms and conditions of your policy each year and make the necessary adjustments. Remember that the estimated value of an insured item under your homeowner insurance policy changed a few years later.
Renovations increase the value of your property. Make sure all the changes are listed in your insurance policy to get adequate coverage.
Make sure to perform periodic home maintenance
Inspect the interior and exterior of your home each season, and be sure to perform periodic maintenance of all important systems in your home and their components.
Regular checks can help you avoid costly surprises that require an insurance claim. A blank claim file will help you keep your home insurance rate as low as possible.
Before declaring a claim, first assess the amount of the damage. If it is low, it is better not to make a claim. You could get benefits at cheaper rates.
Search for Home insurance Discounts & Offers
Check with your insurance agent or broker if you qualify for other rebates such as:
Affinity Rebate: You may be eligible for Affinity Rebates due to employment with a particular organization or joining certain unions, alumni associations, professional or non-profit associations.
Loyalty Rebate: Your insurance company may be offering a loyalty rebate if you have been a customer for a number of years.
Retiree Rebate: If you are retired and meet certain criteria, you may qualify for a retiree rebate.
Non-smoking Rebate: Your insurance company may offer a non-smoker rebate if everyone in your family who lives with you is a non-smoker.
Get Professional Advice To Get Best Home Insurance Quotes
Get a home insurance quote and continue to check out our blog regularly for tips and great articles on how to get the best coverage for your home in Kenya.