If you are looking to save some money on your home insurance, then one of the best things that you can do is to get a number of quotes from different companies using an online comparison website.
It is a good idea to shop around when it is time to renew your homeowners insurance. Loyalty does not often mean much when it comes to insurance. There are a number of other things that you can do to avoid paying more than you should be paying.
Here are our money saving tips:
- Cut out the extras. There is no point in getting added insurance extras if you do not need to get them. Choose a basic insurance policy and save as much as 25% on your monthly premiums.
- Try to combine contents and buildings cover. Insurance companies want and need your business, so you could end up getting a lower rate if you opt for using the same company to insure buildings and contents.
- If at all possible, you should try to pay your premiums annually. Even though it might be convenient to spread out the payments monthly, it will always be more expensive. You end up paying extra admin fees, so try to make a lump sum payment.
- Pay larger voluntary excess. Home insurance policies always come with an excess that needs to be paid if you need to claim. Paying extra on the excess can actually lower your monthly payments, but make sure that the amount you choose to pay is affordable.
- Make sure that your home is secure. Insurance companies prefer to help people that have taken the time to make sure that their homes are secure. You can actually save up to 7.5% if you have a NACOSS standard alarm installed. Your insurer will insist that the system is approved before they will consider lowering your instalments.
- Locks are also very important to have. It is recommended that you buy five-lever mortise locks for doors outside, windows should have a two-bolt lock on them and you should always change locks if you move into a new place. Being secure is the best to lower your monthly premiums.
- You might also want to join a neighbourhood watch. You can save up to 5% by doing so. Fitting security lighting is a great way to stop would be criminals from coming into your property.
- Try not to make claims if you do not really need to. A no-claims discount can result in up to a 50% reduction in premiums after a five-year period, so only put in claims if it is very necessary.
- Make sure than you take special precautions for when you are going away. Your home is more likely to be broken into when you are not there. It is advisable that you get a friend to keep watch when you are gone.
- Watch out for subsistence. If you are prone to having this problem, think before you plant or take out any trees and contact your insurer as soon as you see any cracks in the walls. You do not want to wait until it is too late.
- Protect your home against floods. Anyone who lives in an area were flooding happens a lot should follow the Environment Agency’s guidelines in order to protect their property.
- Pay your own way! Do not claim for things that you do not have to claim for. If you can afford to sort the problem out by yourself, then rather do it that way. If you do not claim, you will get your no-claim bonus!