Finding insurance can be quite confusing. Here’s what you should look out for.
There are a number of ways for you to get cheaper home insurance premiums .
Home Insurance from your Mortgage provider will be expensive – Don’t just accept the first quotation you get from your mortgage provider. By shopping here online, you’ll almost certainly save hundreds of pounds.
Aim high – The higher your excess, the lower your annual home insurance policy will be. By volunteering to pay a greater excess, you can significantly lower your home insurance premiums .
Play it safe – Home security plays a large part in the cost of your home insurance . A secure house is less likely to suffer from theft or damage, and as a lower risk will put you in stronger bargaining position to reduce your premiums.
And there’s more â€“
Additional safety features such as Neighbourhood watch schemes, smoke alarms, burglar alarms and gates can all contribute towards a safer house and reduce your home insurance premiums. Joining a Neighbourhood watch scheme can save you as much as 10 or 15% on your home insurance .
Be organised – Always ensure that all your policy details are correct and fully up-to-date. Remember that as each year passes the value of your possessions will change and therefore your home insurance cover should be reviewed annually.
Stay on top – Add any new major purchases into your current policy because they will not be covered. Similarly, if you sell or pass on any expensive items over the year, remember to deduct the value of these items from your insurance policy to lower your premiums.
No claims – If you have a history of no-claims then you should be eligible for a discount from your cheap home insurance provider. This is typically earned after a single year without making a claim.
Buy online – Online home insurance companies generally have lower overheads so they can pass on the savings they make to their customers by reducing their premiums.
Don’t under-insure – If you under-insure your home to save on your premiums, you will have to cover part of the claim on top of your excess. It’s not worth the saving.
Professionals only – If you’re a teacher or another professional who is part of one of the official unions, you will be able to get cheap home insurance from a number of home insurance companies.
Fire Fire – Domestic fires are occurring more and costing more, so insurers may offer cheaper premiums on both buildings and contents policies if you fit smoke detectors.
Check your cover – Make sure that you need all the home insurance that you are getting, for example there’s no point paying for cover of the shed or garage contents if you don’t have a shed or garage! Ask for this cover to be removed and you will be able to reduce your home insurance premium.
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