If you own a home, you will be well aware of how important it is to protect your property and all of its contents. Your home is an expensive purchase and the contents within that can add up to a significant amount and so, you to ensure that you have the right cover in place that is designed to help protect you should the worst happen. In fact, home insurance can cover you for many different things such as flooding or tipped paint on a new carpet. It is a product that is varied but can certainly help you when you need it.
Despite this, just like any other type of insurance, there are things you can do that can help you to bring the cost of home insurance down. If you follow the ten tips below, you will give yourself the best chance of ensuring that you are paying the lowest price possible without compromising on cover.
Merge Buildings and Contents Cover
You need to protect your building and you need to protect the contents so why not bring them both together and find cover with the same insurer for both. This often means that you can negotiate a lower price when compared with paying for them both separately.
Remove the Extras
Have a look at the extras that you are paying for and decide whether you need them. Do you really want the accidental cover or do you need a legal cover? If you remove some of these extras, it could result in your price dropping by around 20%.
Pay it all at Once
If you choose to pay your insurance monthly then you will be paying interest on that and that increases the price. If you pay annually, you will pay it all off at once and pay the lower-priced option.
Increase Excess
When you search for insurance using a comparison site, you can choose to alter your excess. The more you increase your excess the lower your premium becomes. It is a simple way to decrease the cost of home insurance but you have to remember that this is the amount you have to pay if you do make a claim and that means you need to be able to afford it. The voluntary excess can range from anything between £50 right up to hundreds of pounds.
Increase your No Claims Discount
If you don’t make any claims on your insurance you will be given a no claims discount. Therefore, the longer you go without making a claim, the more discount you get. After five years, it is common to see the cost of home insurance drop by as much as 50%.
Think Twice About Making a Claim
If a minor problem arises in the home, you might instantly turn to your insurance but this is where you should stop and think. A minor repair but not be as costly as you think which means it could be better to pay it yourself. If you go through your insurance company, your no claims discount will be affected and your premiums will go up.
Compare Prices
There are so many home insurance companies out there competing for your business that a quick comparison can really make a difference in the price. If you have received your renewal price or are looking for a brand new cover, then comparing prices is the first thing you should do. You can compare prices across many different providers and also alter the extras in order to tailor the cover to your specific needs.
Install Security
Many people often have to claim on their home insurance because they have been a victim of theft. However, if you choose to install security cameras or security lighting, they can reduce the risk of being burgled and avoid the need to make a claim. Many insurers now like to know whether you have sufficient security in place, if you do, then it can cause your premiums to come down.
Insulate Pipes
This is particularly important during the winter months but insulating your pipes will prevent burst water pipes that cause further damage. This can help to reduce your chances of making a claim which would cause your prices to increase.
Only Pay for the Cover you Need
Many people choose to overvalue their house when it comes to putting in what it would cost to rebuild it. Remember that this is not the cost of your property if you were to put it up for sale, it is the price it would cost to build it from the ground up. So make sure you put in the correct price and pay the right price for your insurance.