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How to reduce the cost of your home insurance
Regardless of whether you own a house or are renting a property, taking out home insurance is very important.
When it comes to knowing what to pay, it can be difficult to know where to begin because prices can vary widely. Comparison sites are a great place to start but there are also a number of everyday things you can do in order to help reduce the cost of your home insurance.
Increase security –
There are a number of things you can do to improve the security of your home including installing a burglar alarm and/or security lighting, joining your local Neighbourhood Watch scheme and having BSI approved locks. The more secure you can prove your home is, the more likely your insurer is going to be to reduce your monthly payments.
Another way to boost the security of your house is to install window shutters. Although your insurer is unlikely to reduce your premiums because of this alone, shutters do offer extra protection because it’s harder for people to see into your home or gain entry into it. As a result, your chances of being broken into may therefore be reduced which means that you don’t have to make a claim on your policy.
Buy buildings and contents insurance together –
If you use the same company for both your building and contents insurance, you may be entitled to a discount. You also have the benefit of knowing that should something happen that affects the building and your possessions, it’s less hassle for you if everything is managed by the same insurer.
Increase your excess –
If you voluntarily offer to pay a higher excess on any claims you might make, this often gets you a discount from your insurer. Obviously this will mean that you will incur a higher cost in the event of a claim but if you think the chances of this happening are incredibly small, it may be worth considering.
Don’t over-insure –
A mistake that many people make when looking for home insurance is guessing the value of the contents of their home. If you over-value things you could be paying far more than you should so it’s well worth using a contents insurance calculator to get the most accurate figure possible.
Pay annually –
Monthly instalments are convenient and they’re a great way of paying your home insurance if you can’t afford a big lump sum. In the long-run it does work out more expensive however because insurers tend to charge an additional admin fee for monthly payments and many also offer a discount if you pay your premium upfront.
Use a safe –
If you have any high-value items such as expensive jewellery, most insurers will charge you extra for these. Installing a safe and locking these items away in them however could offset the extra cost of the insurance.
Fire-proof your home –
Every home should have working smoke alarms in them for the protection of the people living there but they can also help to lower home insurance premiums. There are more than half a million house fires in the UK every year and a fire alarm can help to prevent serious damage or injury.