Home insurance can be a minefield, with various options and levels of cover available. As a broker, we aim to help our customers reduce the cost of their insurance premiums so you can save your hard-earned money for things you enjoy like family holidays, dinners out and the latest gadgets.
Here are a few handy tips to help you cut the cost of your home insurance and avoid unnecessary incidents.
STEP 1: Choosing your insurance cover carefully can save you money.
Here are 6 tips to saving on your home insurance this year.
(1) Combine your buildings and contents policies – It is usually cheaper if you take out building and contents insurance together with the same provider. Compare prices for individual and combined cover to make sure you get the best price.
(2) Check your cover – Only purchase the level of insurance you need. Any extras will add an additional, unnecessary cost to your premium. If you work with a broker, they will be able to ask you the right questions to make sure you choose the right level of cover.
(3) Change your excess – It is usually possible to control the amount of excess you pay in the event of a claim. Agreeing to a higher excess as part of your policy will mean the premium will be less. Set it at the level you are willing to pay if you do need to claim. This can be discussed with your broker.
(4) Compare insurers – If you work with a broker, they should check various insurers to get you the best price. Often the best prices are available to new customers, rather than those who simply accept their renewal quote.
(5) Take advantage of no claims discounts – A no claims discount will be awarded to you for consecutive years of not claiming on your home insurance. Make sure your premium includes your discount. To protect your discount, consider what measures you can implement at home to reduce your chance of a claim. If a minor incident occurs, consider if you really need to make a claim as this may affect your next premium.
(6) Avoid paying monthly – Often paying for your insurance policy annually, rather than in monthly instalments, is cheaper. Splitting payments tends to include an admin charge which increases your overall cost.
STEP 2: Keep your home secure with this simple advice.
Here are 3 tips to increase the security in your home.
(1) Consider security measures – Another way to minimise your insurance premium is to have appropriate security systems in place. First of all, ensure that you fit the appropriate locks on doors and windows. Wooden front doors should have a five lever mortice deadlock and PVC-u external doors should use a three point multi-locking system. Also, consider security alarms or setting up intruder alerts to the police. Some insurers won’t insure you at all without the right security systems or features in place.
(2) Join a neighbourhood watch scheme – Many communities have neighbourhood schemes that you can join which promote keeping your home and local area safe. Joining a scheme like this could save you around 5% on your premium.
(3) Keep your home safe when you are away – To avoid a break-in or other incident leading to a claim, consider asking a neighbour to keep an eye out for intruders, or opening and closing your curtains when you are on holiday. Alternatively, you can install time switches for your lights to give the appearance that you are home.
STEP 3: Home safety and maintenance can reduce incidents
Here are 3 tips to improve your home maintenance.
(1) Check your electrics – Make sure your electrics are up-to-date and installed by a professional, as faulty wiring and appliances start more than half of UK house fires. Install smoke alarms throughout your property and regularly check they work properly.
(2) Check your water pipes – Water damage is among the most common home incident, and one of the most disruptive. To avoid burst water pipes, insulate them and check for leaks.
(3) Keep up with home maintenance – Check our summer home maintenance tips for further advice on keeping your home safe and insurance premiums down.
Join our 7,000+ healthcare professional members that currently receive our free newsletters. We only send only important and topical news updates about dental, medical and healthcare insurances. Read about our Membership Benefits