10 Steps To Cheaper Home Insurance
1) Shop Around
These days there's no excuse for paying over the odds, as the internet makes it so easy to compare insurance premiums from dozens of companies. Don't automatically renew your cover every year without checking if a better deal is available.
2) Buy Online
Not only does the web make comparing premiums easy, it makes it simple to buy your policy online - and you'll normally get a discount of at least 10% by doing so.
3) Combine Buildings and Contents Policies
Consolidating your buildings and contents insurance policies with the same insurer will usually mean lower premiums than insuring with two different providers. In fact, some companies throw in free contents insurance with their buildings policies.
4) Pay Annually
If you pay your premiums in monthly instalments, you're probably going to be charged interest. Either find a company which offers interest free payments, or pay your premium annually in full - the savings can be considerable.
5) Lower Your Excess
Most policies require you to pay the first part of any claim. This figure is usually in the region of £100-£250 but if you voluntarily raise this figure, your premiums will be lowered. You will of course have to pay more in the event of a claim, but the savings will usually outweight this risk.
6) Don't Claim for Small Amounts
Making a claim on your policy will often result in your next renewal quote being higher, as you're proving to be a risk to the insurer. Before making a small claim, work out if it's really worth the risk of bumping up your future premiums.
7) Fit a Smoke Alarm
Fire is one of the most costly causes of insurance claims, and fitting a smoke alarm will not only improve your own safety, it may knock a small amount off your policy too as the risks to the insurer will be lowered.
8) Improve Home Security
Claims made because of burglary are perhaps the most common, but if a burglar can't get into your home your possessions can't be taken. Improving your home security will make a claim less likely, and so your quote will be lower.
9) Neighbourhood Watch
Again, joining a local Neighbourhood Watch scheme lowers the risk of burglary, and so can push premiums down.
10) Trim Down Your Cover
Finally, are you paying for insurance you don't need? For example, your policy may include cover for garden contents - but if you live in an apartment, then this is an unnecessary expense. Pare down your policy so that you're only paying for the options that are of use to you.
DISCLAIMER: All content is for guidance only and does not constitute individual financial advice.
www.homeinsuranceinfo.co.uk is not authorised by the FSA to advise on insurance matters.
