Reducing the cost of home insurance

Whenever possible we all like to reduce costs and make savings, so here’s a few handy tips to potentially save money on the cost of Home Insurance.

Think about including a voluntary excess, which comes with a discount. Take into consideration that the voluntary excess will be in addition to the compulsory excess, so be aware of the total excess.

Ensure that your sums insured are adequate for current full reinstatement on Buildings and the cost of new replacement on Contents, but don’t over insure, as most insurers charge a rate per thousand or part.

Consider installing an insurance approved alarm, which to qualify for a discount is likely to be an installed and maintained alarm by a National Security Inspectorate (NSI) member. Before proceeding you should weigh up the cost of installation and maintenance, against the potential insurance discount.

Check to see if your home is within an active Neighbourhood Watch area. Insurers often give a discount, especially off Contents Insurance premiums.

Pay in full, rather than opting for instalments, as there is usually a charge for monthly payments.

Try not to make any unnecessary claims, in particular when the settlement is on the low side. In addition to an excess being deducted, the premium is likely to rise at the next renewal date as a result of the claim. Home insurances usually have a no claims discount, or a loading is applied when a claim is made.

Last but most certainly not least contact an Insurance Broker, preferably us, for a competitive quote. We deal with quality insurers who only deal with select supporting brokers, so you won’t be able to obtain the same quote direct or via a price comparison site.