How much do I have to pay to get a home insurance in Kenya? Or, failing that, are there ways in which I can save money on my home insurance and still have good coverage?
Precisely to answer these questions 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 domestic package insurance Kenya. How can one expect to pay less for home insurance? Discover the advice and recommendations of Next Insurance agent to intelligently reduce the cost of domestic package insurance and save money. Pay attention to the following tips:
Factors That Affect Home insurance premium rates
You are moving, you are doing work: inform your insurer.
Any change in situation leads to a possible reduction in the price of your home insurance. Inform your insurer of any change in situation during the contract such as the installation of a portal, the renovation of your home, or the opening of a fire station near your home.
First, let’s put ourselves from the point of view of the insurer. In order to protect you and your home from daily risks, the insurer needs to know your profile and that of your home. It is on this information that he will base himself to fix the amount of the premium and thus of the contributions.
No need to lie, it will only serve you in a positive way. In addition, be aware that the location of your home may affect your home insurance premium.
The location of your home: The fact that your home is located in a quiet neighborhood or a poorly attended neighborhood with a high crime rate plays on the amount of insurance premium. Thus, such a situation will have a consequence on the price of your home insurance.
The value of your home: Whether you want to ensure a two-room or a house of 150m² obviously affects the amount. The outbuildings will also have an influential effect.
The property’s age and situation: The fact that a home is new or from the 18th century, for example, affects the price of your home insurance. In addition, the house is terraced, your apartment is on the ground floor, intermediate floor or the top floor are all elements that vary the amount of the premium.
The number of deductibles: Effectively large deductibles induce low contributions, and the reverse is also true.
The security of your home: Is your home equipped with an alarm system or remote surveillance or an electric gate?
Your status: Are you the owner, the non-occupant or the tenant?
These criteria allow the insurance company to estimate the level of risk that your home provides. That’s why it’s important to be honest and thorough when concluding your contract.
Does the choice of payment method affect the cost of home insurance?
Strictly speaking, choosing the method of payment of your insurance contribution may allow you not to reduce the amount of the premium but rather not to pay more. Indeed, an insured paying by check to the detriment of the direct debit may be billed for any additional management fees.
Similarly and ideally, the insured who chooses the direct debit would be well advised to opt for an annual payment. Indeed, in the case of a split payment, quarterly or even monthly, management fees can again be charged to it.
Tips to Lower Your Home Insurance Cost and Save more money
1. Play the competition
Generally, your insurer will send you a renewal notice, 30 days before the due date because your home insurance does not renew automatically. Take the time to call other insurers to compare home insurance, with equal guarantees of course and go for the best home insurance in Kenya. It is enough to call your current insurer and threaten to go to the competition so that the announced premium increase suddenly decreases significantly. Nothing ventured, nothing gained!
2. Increase the deductible
The deductible is the sum remaining payable by the insured (therefore not compensated by the insurer). It’s up to you to see what you can absorb in case of damage. The higher the deductible, the lower your insurance premium.
3. Install an alarm system
When the alarm system is connected to a central police station, the discount on the premium can be up to 15%. But be careful: you will not be able to claim insurance if your system was not activated during the mis happening.
4. Install smoke or carbon monoxide detectors
Again, if the detector is connected to a central police station, it’s better. The bonus is also calculated based on the proximity of the fire prevention service and a standpipe, well or reservoir.
5. Do not smoke in the house
Since fires are the main risks on a home, some companies offer a discount if people living under one roof are non-smokers.
6. Group your different insurance (car, home)
Some companies will reduce premiums by 5 to 15% if you buy multiple insurance policies from them.
7. Declare renovations
Have you completely remodeled your home’s electrical system, upgraded the old plumbing, changed the roof, eliminated the woodstove or replaced the oil heater? These renovations could lower your insurance premium.
8. Have as few claims as possible
You can take advantage of lower rates when you have not made a claim. If the amount of damages is not too high, then the relevance of declaring a claim must be assessed.
9. Repeat the inventory of the property
If the value of your property has changed (you have discarded valuable furniture, you have removed the pool above ground etc.), report this to your insurer who will adjust your policy accordingly.
10. To be a member of a school or professional association
The clubs, the personal and professional associations of which you are a part or the schools which you attended may have an agreement with certain insurers.
11. Go For The Best Home Insurance Company 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 Domestic Package coverage you need. He will also do his best to get a great rate for your home insurance.
12. Bundle Home Insurance With Car Insurance
Bundling home and car insurance Kenya means convenience with a discount. Having more than one insurance policy can save you time — and money. Your car and home are often your most valuable assets.
Protect them both, and you’ll get a discount on your auto policy. When you bundle more than one insurance policy together, like your home and auto insurance, you can save money on competitive rates.
WHAT NOT TO DO!
- Attempt to lower your warranties or cancel important endorsements (additional protections) to save money. It is essential to have a protection well adjusted to the value of its assets.
- Fail to declare things: for example that you work from home or rent your home.
- Avoid insurance because you are a tenant (it is not mandatory). Take the time to calculate what it would cost you in the event of a disaster. If your apartment became uninhabitable, you would have to replace all your belongings and stay elsewhere.
The points to negotiate with your insurer to save money on your home insurance in Kenya:
- Remind your insurer how faithful you are, you have never had any unpaid bills, you have several contracts at home.
- Ask to lower contributions to the detriment of franchises.
- Secure your home if your advisor tells you in writing that it may affect the amount of your premium.
- Sponsoring your loved ones may entitle you to a few discounts.
- Take advantage of the offers with the competition. You could have one or more months offered for any new subscription.
- Make several home insurance quote requests online.
- Browse Next Insurance to find the most affordable home insurance in Kenya.
- Above all, be honest with your insurer.
To be able to enjoy cheaper home insurance, you have to compete and do not hesitate to negotiate with your insurer. Inform them about the work and arrangements made, remote monitoring facilities or any other connected object ensuring your safety, that you have put in place. Moreover, following all situations, we advise you to estimate the amount of your house again.
For this, get our home insurance quote online. Highlight your strengths like the fact that you and your loved ones are non-smokers, that your neighborhood is calm and your housing in perfect condition but also that you have never had a disaster. Finally, prefer the payment via automatic and annual bank debit.
Evaluate the value of your wealth, and guarantees you really need. Remember, low premiums mean high deductibles. Review all your insurance contracts (car, house, travel, etc.) but also the guarantees included with your credit card to avoid double protection, which would allow you to save money. Do not hesitate to contact your insurer to negotiate and modify your home contract.
With so many sites offering Home Insurance quotes Kenya, it only takes a few minutes to get a complete picture of the current market. And if there is a policy that is much better than yours, it may be time to change it? If you have questions , do not forget to contact Next Insurance representative when shopping for a policy.