In a period characterized by great uncertainty and fears about the future, reducing expenses is almost necessary, so it is important that we observe smart financial conduct.
Of course, there are expenses that should not be given up, such as insurance, because their whole essence is to protect us from large financial expenses that we cannot afford.
For example, it is very important to take care of apartment insurance for the house we live in, since we worked hard to afford to purchase it, but it makes sense that we would want to insure it against various damages that may be caused to it.
But how can we still save on insurance costs without giving up essential coverage? Here are some golden tips from the direct insurance experts.
So how do you save on home insurance in 2024?
Guarding the house: in a certain sense, the insurance companies also have an interest in us guarding our house so that no damage will happen to it, and therefore they require at the time of purchase that it has appropriate protection that will allow optimal protection. These protective measures will reduce the chances of a possible break-in, and as a result also the activation of the insurance.
Adapt the covers to personal needs: as part of the changes and dynamics in our lives, it is important to check from time to time that the various covers we have purchased are still needed by us. If some of them are no longer relevant for us, we can cancel them and thus save costs.
Clean insurance history: when the insurance company calculates the price it will offer us for the insurance - it tries to assess our risk level as insured. That is, what is the chance that we will activate the insurance and thus she will be required to compensate us. To this end, among other things, the company checks our claims history, assuming that those who have sued in previous years are more likely to do so in the future as well. A clean claims history in the last three years will allow us to open a new and clean page, and get a more attractive price.
Compare the companies and of course also the prices: beyond the required price comparison, it is also important to check the ease of managing the insurances digitally, either in a dedicated application as offered in direct insurance, or in a personal area on the company's website, and also how quickly we will receive the compensation we deserve. All these and more are reflected in the service quality index, published by the Ministry of Finance every year. These tests require only a few minutes - and can lead to significant savings.
Comparing building insurance through the mortgage: When taking out a mortgage, we are obligated to also purchase mortgage insurance - to make sure that in the event of the death of one of the borrowers, the bank will receive back the remainder of the loan, and that in the event of damage to the apartment, the insurance will finance the repair and return the value of the property to its original value. It is recommended to make a comparison between the coverages that can be obtained as part of the building insurance for the mortgage, and those in the building insurance for the apartment. For example, if the building insurance for the mortgage provides sufficient protection, it will not be necessary to purchase more additions, and it will be possible to be satisfied with purchasing contents insurance only.
We check once in a while whether the policy is still suitable for the apartment: as the last few years have proven to us again and again, everything is dynamic and changing. What suited us once, sometimes no longer suits us now. The insurance price is determined according to a long list of parameters, some of which relate to the apartment itself and its contents. If, for example, in the past we insured the contents of the apartment according to a high value, it is possible that today it will be less expensive - so that it will be possible to save on insurance. You should check it every few years.
Examining the possibility of a bundle: as part of the desire to encourage wise consumerism, Direct Insurance recently launched a bundle campaign that connects car insurance and home insurance - purchasing these two insurances in one place allows you to receive a discount of up to 3 months as a gift on car insurance and up to a 50% discount on home insurance at the time of purchase . On top of that, the purchase grants automatic membership to the "Direct Club", the first customer club in the insurance world in Israel, within the framework of which you can enjoy a variety of benefits in businesses and for the purchase of additional insurances.
Consolidating two insurances in one place will help us save on home insurance costs without giving up substantial coverage; And in addition, it facilitates the ongoing monitoring and management of these insurances in one place, a matter that saves time and effort, or in other words - more insurance, for less money.
Bottom line, looking for ways to save costs during this period is important and necessary. At the same time, it is important to make sure that you do this without giving up essential products and services - all the more so when it comes to home insurance, since it is the most valuable asset we have, and we must protect it as much as possible.