How To Save Money on Home Insurance

Home insurance ensures that a property and its contents are protected. Here’s how to save money on home insurance, whether renewing an existing policy or taking out a new one.


Don’t Buy From Bank or Mortgage Provider

It can be tempting to take out home insurance with your bank or mortgage provider without shopping around. However, you can buy home insurance from any provider, regardless of who you bank with or who you get your mortgage from. Compare policies and providers to find the best deals.


Pay Annually

While monthly instalments allow you to spread the cost of a home insurance policy, if you can afford to pay annually, you won’t be charged an additional fee. Paying up front also cuts down on the number of monthly bills leaving your bank account, which some people prefer.


Combine Buildings & Contents Cover

It’s often easier to negotiate a better deal if you take out both buildings and contents insurance with the same provider. Remember to compare the cost of buying cover separately too, just to ensure you get the cheapest price.


Increase the Excess

The higher the excess, the lower your premium will usually be. Increasing the voluntary excess on your home insurance policy is an easy way to bring down your monthly costs. Just make sure the excess is a figure you will realistically be able to pay should you need to make a claim.


Check the Extras

Consider whether a basic home insurance policy will do the job, or whether you need to pay more for extras like accidental damage cover. Working with an insurance broker is one good way to ensure that you only pay for the cover you need.


Think Before Claiming

It may be more cost-effective to pay for minor repairs yourself instead of claiming on your home insurance. Consider the cost of the work before making a claim, as paying your own way will also protect your no claims discount, which can in turn earn you a discount when it’s time to renew.


Invest in Security

Improving security at home can reduce the cost of your home insurance. Ensuring locks are secure, installing CCTV, fitting smoke alarms, and protecting pipes with insulation will all reduce the likelihood of needing to make a claim and can affect the price of your premium. 

There are also measures you can take that don’t cost a penny, like joining a local neighbourhood watch scheme, and getting to know your neighbours so they can keep a watchful eye on your property when you are away. Although these steps might not reduce the cost of your insurance, they could help prevent a break-in that would cause you to make a claim.


Keep Policies Up To Date

To ensure your home insurance remains valid, it’s important to keep your policy up to date. This includes letting your insurer know of any home improvements you have carried out, including anything that increases the rebuild value of your property. 

You should also update your home insurance policy to reflect any new purchases that you want to cover, and keep your insurance provider informed if your personal details change. Starting a business from home or a change in the number of people living in a property are also things that need to be declared.


Use a Broker

An insurance broker can compare home insurance policies from market-leading providers to find you the very best deal on your buildings and contents insurance. By tailoring their search to meet your individual needs, they can find a policy that ticks all the right boxes for a price that is fair and affordable.


Speak to Insurance 4U

Insurance 4U can cut the cost of your home insurance by tracking down the most competitive prices on the market. To speak to one of our insurance brokers, call 01902 829190 or use our contact form to get in touch.

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