Looking to get cheaper home insurance? Here are a few top tips for reducing your premiums.
At renewal time, don’t assume that you’re getting the best deal from your current provider. Apathy is the main reason why people end up paying over the odds. Looking at a range of different quotes online can help you see how much money you could save by switching providers. Alternatively, it may confirm that you’re actually getting the best deal possible.
Remember to compare policies on a like-for-like basis and be aware that although cheap deals may look appealing – they may not always offer the best level of protection.
By increasing the policy excess, you can usually save money as, essentially, you’re reducing the cost-risk to the insurer a little. Remember, you’d have to pay this amount in the event of a claim – so make sure you’d be comfortable finding it.
Boost security features:
Making your home more secure can make you seem less of a risk to an insurer. A working burglar alarm and smoke alarm may reduce costs. If you’re part of a neighbourhood watch scheme you might also get a reduction.
Keep your insurer up to date:
Make sure you keep your insurer informed of any changes in your personal circumstances. If the information you provided them with at the time of application is out of date – you could risk invalidating your policy.
Equally, some changes may actually end up saving you some money. For example, if you get married, your provider may offer you a discount on your insurance. For more info on this, read our post: how getting married could save you money.
Consider the cost of a claim:
If you claim on your policy this may affect the price you pay for insurance in future. Most providers will assess your risk based on your claims history. With this in mind, it’s probably a good idea to weigh up the real cost of a claim. Taking your excess payment into account, it may not be cost effective to make claims for small amounts.
Upgrade your locks:
Updating the locks on your windows and doors for new and improved models could reduce the price of a policy. Check to see which locks are approved by your insurer. Always inform them if you make changes to any of the security features on your home.
Don’t pay for unnecessary cover:
Make sure you’re not over-insuring and paying for an unnecessary level of cover. Your buildings cover should be based on your property’s rebuild cost. This is normally a smaller amount than your property’s market value. Getting the two confused could mean you end up paying for more insurance than you need.
Similarly, over-estimating the collective value of all your possessions could mean you pay for more insurance than you actually require. Going through each room drawing up a list of the items you want to be insured could be helpful.
We’re driven by a desire to help you find not only the best value cover, but the right insurance for your individual needs. For more information speak to one of our experts on 0203 014 9300 or email firstname.lastname@example.org