How can I reduce my home insurance costs?

 

Although insurance companies consider many factors when offering you a quote, the security of your home is a major one in calculating your premiums. The first step, therefore, if you want to make savings, is to assess the risk to your home from outside events that could affect your security. For example, are thefts from garden sheds particularly high in your area or are you close to a potential flood plain?

 

Once you have done this assessment, you need to consider investing a little time and money in extra precautions to reduce your premiums and prevent a claim. The local police will be able to advise you on better security for your home and your valuables. You could, for example, fit better locks to doors, the shed and garage, install outside lighting or an alarm, or, in the case of flood protection, install flood boards and move more valuable items away from the possible affected areas of your property.

 

Also, you may not know that being part of a Neighbourhood Watch Scheme is considered a benefit by many insurance companies or that one of the most overlooked ways of knocking a few pounds off any quote is to ask the insurance companies for advice on how to reduce your premiums? When seeking quotes, it is important to inform the insurance company all of these improvements and security measures to get the best deals.

 

When you are happy that you have made reasonable improvements in the security of your home, it is time to shop around for the best quotes. Going on-line is a reliable and easy way to compare companies, policies and prices. The Internet offers many trusted sites, such as www.moneysupermarket.com or Fish4 property which can, in an instance, compare dozens of property insurance policies for you for nothing and suggest ones that best suit your needs, consequently saving you time.

 

Another good reason for spending some time surfing the net is that there are good discounts on home insurance to be had which you will not find elsewhere – UK supermarkets are currently a really good option – The Co-operative bank, for example, currently has a 10% discount on home insurance if you apply online.

 

You can also make savings by reducing the voluntary excess you pay - this is the sum you agree to pay towards the cost of any home insurance claim. Increasing this excess is likely to mean you will reduce your home insurance premium.