There are a number of ways to save money on your home insurance. So read on to find out…
Combine buildings and contents cover: Consider taking out both with the same insurance company, as you can often negotiate a cheaper price. It’s worth comparing the price of getting your buildings and contents cover separately too, so you can make sure you’re getting the best deal.
Cut out the frills: Check what extras you’re paying for, and whether you need them. You could reduce the cost by going for a basic policy and cutting out, for example, accidental damage cover. This can save as much as 20% on the cost of your insurance.
Pay annually: While spreading your payments over monthly instalments may seem more manageable, it’s almost always more expensive because you’ll be charged an additional admin fee.
Increase your excess: One of the most common ways to slash your cost is to increase the voluntary excess. This is the amount you must pay in the event of a claim, and it can range from about £50 to hundreds of pounds. The higher the excess, the lower your premium.
Build up your no claims discount: If you don’t make any claims, you will usually earn a discount on your premiums. This can cut the cost of your insurance by as much as 50% after five years.
Pay your own way: Think twice before making a claim. If it’s only a minor repair it might be better to use your own money to sort out the problem, and so protect your no claims discount.
Join a neighbourhood watch scheme: This could reduce your premiums by around 5%, and give you more peace of mind.
Fit smoke alarms: Faulty electrics cause around 7,000 house fires across the country every year, so make sure you have smoke alarms throughout your property. Remember to check them regularly to make sure they’re working properly.
Insulation: Burst water pipes are among the most common home insurance claims, so make sure to insulate your pipes.