How to reduce your home insurance premiums
Fancy saving some money on your home insurance? Here are some top tips for reducing your premiums.
- Shop around at renewal time: When your renewal time comes up, this is the time to shop around and check that your existing provider is still offering you the best deal. If you find a better deal elsewhere, talk to your insurer and see if they can match or better it rather than lose you as a customer.
- Consider increasing your excess: If you agree to a higher excess, this increases the amount you pay in the event of making a claim, and helps to reduce your premium.
- Pay up front: If you can afford to pay for the whole year's cover in one go, you may save money – monthly premiums are usually more expensive.
- Check you're not over-insured: Look at your contents and buildings policies to make sure you're not paying for a higher level of cover than you need. Tot up an accurate total for your contents and rebuilding costs, and contact your insurer if either adds up to a figure that's far less than you're insured for.
- Increase your home security: Whether you add a fire alarm or burglar alarms, install a security light outside, or upgrade your window and door locks, all of these upgrades help to protect your home – reducing the number of claims you need to make. If you don' claim, you won't lose your no-claims bonus. You may also receive a discount from your insurer if you inform them of any security upgrades – although you will need to make sure the devices you use are approved.. Make sure window locks are key-operated and fit external doors with five-lever mortise deadlocks (British Standard BS3621), for example.
- Keep up with everyday property maintenance tasks: Look after your property and take precautionary actions such as insulating your water pipes to avoid household emergencies – once again this helps you to avoid making claims and losing any no-claims discount.
- Consider investing in a safe: Store high value personal belongings such as jewellery in a home safe.
- Consider trimming back any dense undergrowth or high trees: Make sure your property can be seen clearly from the street. This may deter burglars because they can find fewer hiding places.