What steps can I take to lower my home insurance premium?

Your circumstances can change over time. You may have bought new belongings, upgraded your electronics or changed your security arrangements. 

Check what your policy covers, which exclusions apply, what excess you would pay when claiming and whether you're paying for optional benefits you no longer need. 

Contact your insurer before removing cover. A lower premium isn't necessarily worth the risk of being left exposed to a significant expense.

Your excess is the amount you pay towards an approved claim, subject to your policy terms. Depending on your policy, choosing a higher voluntary excess may reduce your monthly premium. 

Miway Home Contents Insurance has a standard excess of R1,500, with the option for eligible policyholders to choose a voluntary excess of up to R5,000. Additional excesses may apply, including a separate standard excess for lightning and power surge claims. 

Before increasing your excess, consider whether you could comfortably afford it if you needed to claim. Compare the monthly saving against the additional amount you might have to pay yourself. 

Reducing your insured values simply to lower your premium can leave you underinsured. 

Home contents insurance should reflect the cost of replacing your belongings. Review your furniture, appliances, electronics and other possessions, and update your valuations when you make significant purchases. 

The aim is to insure your belongings for an appropriate replacement value, not simply to choose the lowest possible amount. 

Good security and regular maintenance can help manage risk. Secure doors and windows, maintain existing security systems, and address leaks or other maintenance issues before they worsen. 

Ask your insurer whether security improvements could affect your premium before spending money on upgrades specifically to save on insurance. 

Your premium depends partly on the value of your belongings and the level of cover you choose. Review your optional benefits to determine whether they still suit your household. 

Miway Home Contents Insurance covers specified events such as theft, fire, storms, burst pipes and geyser damage, subject to policy terms. Optional benefits include extended theft cover, locks and keys, garden and leisure equipment, and lightning and power surges. 

Ask your insurer what each option costs and which risks it covers before making changes. If you regularly take valuables such as a cellphone or laptop outside your home, check whether you need separate portable possessions cover. 

The aim is to pay for protection that fits your circumstances without leaving important belongings exposed.