How to reduce your home insurance

Every homeowner needs insurance for their property and it’s all part and parcel of getting a mortgage.

Why wouldn’t you want home insurance anyway?

It’s there to ensure your home’s protected from theft and damage, so if a problem does occur you’re not left with a large repair bill.

But the amount people spend on their monthly home insurance premiums differs from homeowner to homeowner. How expensive are yours?

Let’s have a look at some of the best ways to bring down these premiums, with tips to getting a cheaper provider as well as reducing your current deal.

  • Compare quotes

The Internet is available for everyone to make use of, so why not take advantage of it? There are plenty of websites you can visit which allow you to compare a number of home insurance providers. You can input your details and get the cheapest price available.

  • Pay a larger excess

The excess is the amount you’ll have to pay before the insurer hands over money too. Typically it’s there to prevent homeowners making dozens of small claims. By increasing your home insurance voluntary excess you’ll lower monthly premiums, although you’ll have to pay out more in the event of a claim.

  • Be accurate

When you apply for home insurance you’ll be asked to give a total value of the contents in your home. Don’t guestimate and ensure to add up everything accurately. You won’t want to be paying more for what you don’t have.

  • Avoid your mortgage provider

Whoever you have your mortgage with will no doubt try to sell you their own buildings insurance. The chances are though; it’ll be much more expensive than other providers on the market. As mentioned above, shop around and get the cheapest quote instead.

  • Pay a lump sum

If you can afford to, it makes sense to pay your annual home insurance in full, rather than on a monthly basis. It works out cheaper (and sometimes considerably), so consider a lump sum payment if possible. This is the same with car insurance if you need to insure a vehicle.

  • A smoke alarm

Installing a smoke alarm is highly suggested by the fire service because of the safety it’ll bring to your home. And with one in place you could even lower your home insurance payments.

  • A burglar alarm

With a burglar alarm you’ll be able to improve the security of your property, putting off any potential intruders. And by installing one you’ll make the home insurance companies happy enough to lower your premiums.

  • Secure locks

How secure are the locks on your windows and doors? These are the two places an intruder will attempt to gain access to your home and modern multipoint locking systems are anti-pick, anti-snap and anti-screw. For your front door even consider a chain and spyhole for extra security.

  • Pipe insulation

Over the colder months the chances of pipes freezing is very high. Thousands of homes experience burst and frozen pipes over winter so make sure you’re not one of them, by sufficiently insulating them.

  • Menial claims

How often are you claiming on your home insurance? Really you should only be making a claim when you are faced with a hefty bill because otherwise you’ll just increase your home insurance premiums. Don’t become a serial insurance claimant.

 

Facts & Figures You’ll Love To Share

  • Increase your home insurance voluntary excess to reduce monthly payments.
  • Pay your home insurance annual premium in full rather than as monthly payments to make a saving.
  • Install a burglar alarm and smoke alarm to keep down your home insurance costs.
  • Thousands of pipes freeze and burst over the winter months because of insufficient insulation.

Tom

I have been managing online projects since 1999 and I'm a experienced marketeer, who is well versed in international brand management, online business strategy and developing long term relationships. Through my academic and professional background I am a specialist in generating online loyalty towards brands. My experience has taught me that ultimately business is about relationships and people. For more information see my Google+ page.