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Saving on Home Insurance


Home insurance splits into the bricks and mortar insurance - buildings insurance - and the stuff that you put inside your house such as your valuables - the contents, hence that bit is called the contents insurance.

How can you save on your home insurance? Well, clearly the number one tip as with every type of insurance product is simply to shop around. The more quotes you get the more likely you are to get a better deal. If you ask ten people for a quote then statistically speaking there is going to be a better deal in there for you than just asking one person -that is basic maths. With the number of comparison sites out there, it has never been easier to compare (although that said - there are various elements of complexity that it is hard to accurately capture by just asking a few different questions).

Secondly ask yourself what you actually need to be covered for. For instance when it comes to the contents insurance, are you being insured for a massive amount more than the contents of your home are actually worth? Did you use to have some exceptional items in your house of greater value that were listed separately that you have subsequently sold? In other words, then, are you paying for a level of cover greater than what you need? Because if so then it can be reduced without negatively affecting the cover you require, whilst reducing the amount you have to pay.

Think about any discounts that you might be able to apply for - have you just got a really good new burglar alarm system installed in your house? Or are you now in a neighbourhood watch area? Mention any changes such as this to your insurer and see if they take them into account and as a result can lower your home insurance costs as a result. Generally anything that could increase security of your house and therefore slightly lower the risk of your property being vulnerable and ultimately you having to make a claim is worth mentioning to insurers to see if it lowers the cost. Even things like having double glazing can help.

Also remember that you have to be absolutely honest with all these things - because if you mention that you have an alarm system and get a discount as a result then need to make a claim, if anything is not as you said it was then the potential that your claim may be invalidated. Therefore always be straightforward and stick to the simple facts when taking out any insurance product.

As mentioned with other articles, consider combining multiple policies with one insurer if you are happy with them and therefore benefit from reduced costs that come from having multiple insurance products with the one provider.

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