Saving Money on Home Insurance

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Having home insurance gives you peace of mind that should the worst happen and you lose your home, you’ll be covered. Your building and contents can all be replaced providing you have adequate home insurance cover.

Home insurance doesn’t need to be expensive, and there are ways to reduce your premiums – here we’ll find out how.

Frequently Thought Questions

You might not think about your home insurance all year until suddenly you get a letter telling you that your policy is about to be extended for another year. Is it a good deal, could you save money? We’ve put together this guide to help you decide and potentially to save money on your home insurance.

Does it matter when I renew my home insurance?

No, it doesn’t matter when you renew your policy – once you’ve received your renewal notice, the price is the price. We do suggest though that you take the time between when you receive your notice and the policy renewal date to do a spot of comparing; just to make sure you’re definitely getting the best value for money.

Although home insurance is an annual contract be aware that some insurance providers automatically opt you in for auto renewal. This means that if you leave it a little too late to cancel your policy, you may be charged a cancellation charge if the new period of insurance has already started!

What is ‘rebuild’ cost and why’s it important?

The rebuild cost is the cost of clearing the site and rebuilding your home in the event of the worst happening. This is the cost that’s important for home insurance purposes. If you’ve been entering the market value of your house as the rebuild cost you could save money on your insurance - the rebuild value may be a lot less than the market value of your property. Some insurance providers will offer a blanket ‘standard level’ sum, while others may match what you enter. 

Make sure you’re not doubling up on your insurance

No one would ever deliberately pay for insurance twice but sometimes with policies auto renewing, it might be worth stopping to check. Make sure you don’t have separate cover for things like bicycles or mobile phones when they may also be insured on other policies. You may especially want to check what cover you have with your bank account, as things like mobile phones can commonly be covered under certain ones. 

Will varying my excess save me money?

It might do and it’s worth getting the balance right for you. Essentially, the excess is the amount that you have to pay towards a claim before your insurance provider will contribute. There are usually two types of excess; a compulsory excess and a voluntary excess. As it sounds, there is nothing you can do about the compulsory excess, but you should be able to vary the voluntary excess to adjust your premium.

In order to get the best premium for you, it’s good to know the level of voluntary excess (the amount you’d be prepared to contribute) you’d be comfortable with. You can then alternate £50 either way to see if it has an impact to the premium.

Will having no claims bonus help?

Yes, a good way to reduce to premiums is to avoid making claims. If you claim for every little incident, your premium will increase. Insurance providers will consider your claim history when calculating your premium. Weigh up the benefits of claiming for smaller claims against the cost of the excess you have selected and the possibility of reducing or losing your no claims discount and affecting future premiums.

Will extra security features help?

They may well do. If your property is more secure, it’s got less risk of being burgled. Less risk should translate into lower premiums. Security alarms and BSI (British Standards Institution) approved locks on all external doors and windows will help reduce your premium. The crime rate in your area is also a factor taken into consideration. 

Should I buy my home and contents insurance separately or together?

It’s likely that buying both your home and contents insurance together from the same insurance provider will save you money. In addition, it will make things simpler for you admin wise and also in the event of having to make a claim.

Will I save money paying for my insurance upfront?

What we can say is that it will probably cost you more if you pay in installments -so we guess that could be considered a saving. However, this isn’t always the case so if paying monthly is important, shop around.

Are all policies the same?

No. It’s important that you don’t simply choose your policies based on cost alone no matter how tempting it is. Make sure that you have the level of cover that you really need; don’t under or over-insure as you don’t want to overpay for something you will never actually use. Done that? Then yes, it’s all about price! 

How do I know if the price I have is a good one?

Well the best way to be sure that you have competitive prices is to compare the cost of premiums from a leading selection of insurance providers. How do you do that? Quite simply, here with us. We’ve put together a comprehensive comparison tool which makes comparing prices and choosing the best deal for you really straight forward. Try it here today and see for yourself.

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