Finding cheaper home insurance

Taking out home insurance gives you valuable peace of mind, but it’s important to get a good deal.  We have put together some useful hints and tips on how to find cheaper cover, and reduce the premium.

Getting cheaper cover

Insure the correct value

It’s easier and quicker to guess the value of your contents, but if you overestimate then you’ll end up with an unnecessarily high premium.  It’s also worth remembering that with buildings cover you need to insure the cost of rebuild, not the value of purchase.

Increase excess

This is a common tip for most insurance types, and usually proves effective.  If you say you are willing to pay a larger amount towards the cost of a claim, then the insurer tends to reward this with a cheaper premium.

Dodge the mortgage provider

If you have a mortgage provider then you can expect to hear about their buildings cover, but it is unlikely to be the best deal around.  It could of course be a condition of the mortgage, in which case you have no choice, but as long as it isn’t then it’s worth resisting a seeing what else is around.

Combine buildings and content

Almost every home insurance provider will be offering a discount when you take both buildings and contents cover together.  This isn’t the right option for everyone, as some only need one or the other, but if getting both is something which could appeal to you then you might be able to make a sizeable saving overall.

Pay in full

Paying over time is more manageable and therefore holds much greater appeal to most policyholders, but paying upfront has two key advantages – it’s out of the way and it’s probably cheaper.  Always check with your provider, as some offer monthly payments without interest, but if you are faced with paying more in the long run for staggered premiums, then paying in full might be the best option.

Compare home insurance

When you compare home insurance, you'll find it's the best way to get a cheaper, competitive quote on cover.  You can specify exactly what you need from cover, including whether you want combined buildings and contents, and then the best quotes are collated for you, making it much easier to find the best deal.

Lowering your premium

Burglar alarm

You’ll probably find that having a burglar alarm reduces your premium.  Insurers like to know you have done what you can to ensure your home has protection in place, and that the cover is not your first line of defence.

Fire proofing

Having smoke alarms throughout your home, as well as a fire extinguisher, would be viewed as responsible by insurers, giving you extra protection.  Besides the obvious and essential safety benefits, it can help to lower your premium and save a bit of money on home cover.

Insulate water pipes

If water pipes are insulated then they remain protected from the dangers of freezing.  Such damage can be expensive, so insurers are likely to reward precautionary measures.

Purchase a safe

Any items which have a particularly high value could be more expensive to insure than standard contents, so installing a safe would give you an alternative option for protecting those kinds of personal possessions.

Quality locks

Making sure that all doors and windows have secure, high quality locks should contribute to a reduced premium, whilst also providing you with great peace of mind.

Category: Home Insurance

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