As we’ve all adapted to living with Covid, more and more people have been given the opportunity to work from home. Whilst many companies have pushed back against the idea, it’s now easy to see the many benefits that remote working can have. Not only can working from home be a great way to save money on things like office space and commuting costs, but it can also help to reduce your insurance costs too. Here are a few tips on how you can reduce your expenditures whilst working from home:
Check with your car insurance company for a lower rate
Working from home means your commute is completely cut from your day, meaning you’ll be driving far less than if you were working on-site or in an office. This is good news all round, because not only will you be saving time, you’ll also be saving money. You might think the biggest saving will come from reduced fuel costs, but you may also be eligible for a lower rate with your car insurance company. The fewer miles you drive, the less likely it is that you’ll be involved in an accident, so check with them to see if you could get a break on your premium. If your insurance company doesn’t seem to want to budge, you could always use one sure or a similar insurance provider to see if you can get a better deal – don’t be afraid to shop around!
Check with your health insurance company for a discount
Similarly, less driving means less risk to your health. Driving is a dangerous activity, so it pushes your health insurance costs up. If you have a job that allows you to work from home, however, you can notify your health insurance company to see if you qualify for a discount. They’ll consider the reduced risk to your health and adjust the price accordingly, meaning you could make a whopping saving. Some health insurance companies may even consider the benefits to your mental health and reduce your insurance costs further if they believe your mental health will be at less risk at home.
Ask for a reduction on your home insurance
The reductions don’t stop there either. It’s a good idea to give your home insurance provider a call and update them on your new working arrangements. An empty house is more attractive to thieves and can mean emergencies, like fires or flooding, go unnoticed until it’s too late. However, having a room occupied can lower the risk of accidents and theft. By having someone at home all day, the risk of something going wrong is reduced, so check with your home insurance company to see if you qualify for a discount.
Take all the tax deductions you’re eligible for
If you’re self-employed, make sure you’re taking all the tax deductions you’re eligible for. There are many deductions available for those who work from home, so be sure to take advantage of them. Whilst it might take a while to check you’re getting all of the deductions you’re eligible for, hiring a financial adviser can make the process much simpler. They’ll access your details and advise you on any actions you may need to take, helping you to hold on to more of your hard-earned money.
If you have a designated home office in your home, for example, you may also be able to deduct a portion of your rent or mortgage, as well as utilities and insurance. Rent and mortgage is often calculated based on the number of bedrooms your home has, so if one of your bedrooms has been permanently converted into an office, you may be able to get a rent or mortgage reduction, whilst insurance may also be reduced.
Working from home can be a great way to save money on things like office space and commuting costs, and if you follow these tips, you can also save on your insurance costs too. So, if you’re thinking of working from home, be sure to consider the savings you could enjoy on your insurance premiums and sit back as you reap the benefits.