We’re always looking for ways to cut the cost of insurance. Here are our four top tips that could help you save money on your home insurance:
Check you have the right amount of home insurance
When you take out buildings insurance, make sure it’s based on the cost of rebuilding your home, rather than the market value of your home (the rebuild cost is likely to be a lot less than the market value). If you don’t know what the rebuild value of your house is, we’ll help you to work it out when you start a quote with us.
When you take out contents insurance, try to be accurate when you work out the total value of your possessions. If you overestimate, you could end up paying for more insurance then you need. Read our guide on how to estimate the value of your home contents for more information. If you start a quote with us, you can also use our contents calculator to help you work out the total value.
Increase your voluntary excess
Home insurance excess is usually made up of a compulsory excess and a voluntary excess; voluntary excess is the amount that you choose to pay on top of the compulsory excess. Increasing the amount you choose to pay can help to reduce your home insurance premium, but you’ll need to be able afford both the compulsory and your chosen amount of voluntary excess if you make a claim.
Consider installing a security system
Your home insurance provider might lower your home insurance premium if you fit an appropriate security system. Find out more in our guide Are security systems worth it and can they reduce my insurance?
Build up a no claims discount
If you don’t make a claim on your home insurance, you could receive a reduction in the following year’s premium when you come to renew it – this is known as a no claims discount. Check out our guide How do no claims discounts work for home insurance? for more information.
You’ll find more cost-cutting ideas in our guide How to save money on your home insurance.