10 Home Insurance Tips for Cheaper Premiums – The cost of home insurance is for many the deciding factor on whether they obtain a policy or not. Home insurance is typically insisted upon by mortgage providers, as your home is also their investment. You do not however have to use their recommended provider and can instead use any insurer of your choice as long as they provide an adequate level of cover.
Shopping around is certainly the best strategy for cheaper home insurance, there are however a number of tips which if heeded, could help you to get a cheaper premium:
- One of the biggest risks posed to your property is break-ins and burglary; this is why insurance companies place so much emphasis on where you live and the crime rate in that area. As a homeowner you can help to make your policy cheaper by making it more secure, this means installing a working (and recognised) burglar alarm, fitting security windows and doors.
- Neighbourhood watch schemes are more than purely a reason to peep behind those net curtains; they are also an excellent way to bring down the cost of premiums particularly when mixed with other security items such as motion sensor lights.
- Fire is another major threat to your property and as such fire prevention should be seen as an excellent way to bring down the cost of your home insurance. Preventative measures such as having your electrical systems checked regularly can help although fitting a smoke alarm is essential, not purely for your insurance but for the safety of you and your family.
- Consider obtaining your house and contents insurance from the same provider. Whilst this may seem like an ‘all eggs in one basket’ solution there are many insurers which will give a significant discount if both elements of the cover are purchased with them.
- It is worth balancing the cost of your excess and the price of your premium. Typically if you can afford to pay a higher excess this will result in a lower overall cost for the premium. Take care however, you should not make the excess higher than you can afford.
- If you can afford it is definitely worthwhile to pay any premiums annually, whilst monthly payments may seem like the more convenient option there is usually and surcharge for paying in this way.
- As a homeowner it can be wise to build up a no claims bonus with your insurer, this means not claiming for every little thing and occasionally biting the financial bullet for medium sized jobs. By doing this you make your insurance costs lower in the long term, leading to significantly cheaper premiums in the future.
- Check your house regularly for structural issues such as subsidence. Subsidence is extremely expensive to fix although it is much better to catch it early. This doesn’t mean you should be taking a spirit level to your mantelpiece everyday but instead just contacting your insurer or a professional if you start to notice cracks in the walls.
- Prepare for winter by insulating any pipes in your home effectively. Burst pies can damage both the structure, and fixtures of your home as well as contents and as such preventing pipes from freezing is an excellent way to protect against this risk.
10. Finally, and it is worth noting again, you should take the time to shop around for the best deal.