Don’t overestimate your buildings insurance
Overestimate your home insurance and you could pay over the odds for your premium. This often happens with buildings insurance, when homeowners make the mistake of insuring their home for its market value, rather than the rebuild cost. If you're not sure on how much it would cost to rebuild your home, we will help you do this when you get a quote through Comparethemarket.
Make sure your home contents are insured for the right amount
When you take out contents insurance, your insurance provider will want to know how much your belongings are worth. Be as accurate as you can – if you overestimate, you'll pay too much for your contents insurance; if you underestimate, you could find yourself underinsured in the event of a claim.
Consider increasing your voluntary excess
Home insurance excess is the amount you'll have to pay if you make a claim on your insurance. It's usually made up of a compulsory excess and a voluntary excess:
Compulsory excess is set by the insurance provider and can't be changed
Voluntary excess is the amount you choose to pay in addition to the compulsory excess.
Increasing your voluntary excess might help reduce your home insurance premium. But you'll have to pay both types of excess if you make a claim, so make sure you can afford the combined total.
Make sure you’re not doubling up on your home insurance cover
Check your home contents insurance policy to make sure your phone, laptop and jewellery are insured when you're out and about.
Some insurance companies offer personal possessions insurance, which covers your valuables if they're lost or stolen in the street. If your home insurance policy doesn't include it, you can usually add it for an extra cost.
Check you're not doubling up on cover elsewhere. Maybe your bank account includes mobile phone cover? Perhaps you took out insurance on your tablet or laptop when you bought them, or have a gadget insurance policy? If you find yourself with separate policies that cover the same thing, then you could save yourself some money by cancelling the duplicate cover.
Improve your home security
If you have a good security system in place, your insurance provider may consider lowering your premium. But they will take other factors into account, such as where you live, how good the system is, the kind of property it is and how well it's been maintained.
And if you install a security system that goes over and above your insurance provider's minimum requirements, the installation cost may outweigh any potential savings – although the added security could prevent a burglary.
Things to consider include burglar alarms, doorbell cameras and security lighting to deter potential thieves. Of course, a working smoke alarm could also help prevent fire damage.
Build up a good no-claims discount
As with car insurance, if you don't claim on your home insurance you could be rewarded with a lower premium next year – this is known as a no-claims discount.
Your insurance provider may offer increasing reductions for every year that you don't make a claim – typically up to four or five years, though some insurance providers may offer discounts for longer.
But remember, insurance is there to help you when things go wrong, so don't be afraid to claim on it when you need to.
Buy your buildings and contents insurance from the same insurance provider
Buying both your buildings and your contents insurance from the same insurance provider could save you money. A combined policy can also have other benefits like if you need to make a claim for both your buildings and contents, you don't have to call two different providers to tell them what's happened.
Pay for your home insurance annually
If you can afford to, consider paying for your home insurance upfront. Paying monthly can cost more as you may be charged interest on the instalments.
Consider joining the neighbourhood watch scheme
Some insurance providers offer discounts for members of the neighbourhood watch. This is because you’re taking active steps to reduce the likelihood of needing to make an insurance claim, which insurers love to see.
Compare home insurance quotes with Comparethemarket
By shopping around on comparison sites like Comparethemarket, you can compare quotes from dozens of insurance providers in minutes. Compare and find out if you can get a cheaper home insurance deal and beat your renewal quote.
Compare home insurance
Get a home insurance quote in minutes and see if you could save
Looking for something else?
As well as writing for Churchill and Privilege insurance websites, Karen’s CV includes working with M&S, Debenhams, Tesco, Sainsbury’s and John Lewis. With over 20 years of editorial experience for big household names she leads a talented content team with a focus on simplifying personal finance for everybody.
Stephen Maunder is an experienced personal finance editor, having spent more than a decade working for consumer print and online titles. He won several industry awards for his personal finance features at Which?, before becoming Deputy Editor at Compare the Market.
Helen’s our resident home insurance expert, as the former Head of Home Insurance at Compare the Market. She's also experienced with car insurance and pet insurance from her previous roles across commercial, partnerships and as a freelance consultant, working with more than 100 insurers across a variety of insurance products.
Our content is written by a Compare the Market expert, backed by data and enhanced by technology. Find out how we ensure accuracy and quality in our Editorial Guidelines.