No one likes paying for home insurance, but it’s a necessary evil for most of us. This doesn’t mean you have to pay through the nose for it though – try these easy tips for cheaper home insurance and see how much you could reduce your premiums by.
Let us shop for you
By comparing prices from several insurance companies, you’ll probably be able to reduce your premiums by a substantial amount. This may seem obvious, but research has shown that a surprisingly large proportion of people either just renew their current policy, or get only one or two quotes.
Combine your buildings and contents policies
Many insurers will give you a discount if you take out both types of home insurance with them, and this usually works out cheaper than getting the two kinds of policies from different companies.
Pay upfront
Although most insurers let you pay your premium in monthly instalments, many will charge interest for this. If you can afford to pay a full year’s premium in advance, then this will work out cheaper in the long run.
Don’t claim for small amounts
Making many small claims can increase your insurance costs, as your insurer may see you as a greater risk and increase your premiums. You will also lose any no claims discount your policy has. Of course, you’re entitled to claim for anything your policy covers, but ask yourself if making a small claim is really worth the hassle and possible future costs.
Increase your home security
Beefing up your home security with better door locks, window locks, outdoor lighting, and alarm systems can all result in lower premiums. Ask your insurer what you could do to get extra discounts.
Reduce your coverage
Many policies feature benefits that you might not need, such as cover for personal possessions while traveling, or ‘free’ legal advice. Look through your policy and see what parts of it you really need – by cutting your cover down to size you may be able to reduce your premium.