If you want to pay less for your home insurance, as a minimum your mortgage provider will still require you to have buildings insurance to cover the cost of repairing or rebuilding your home. It is up to you to decide whether to also purchase contents insurance to cover the things in your home, although it could be an expensive gamble if something were to go wrong and you had no insurance.
However, there are a few easy things you can do to reduce your premium that that will not leave you unprotected and that cost little or are free. Firstly, shop around for your home insurance. With so many companies offering so many different deals, you may find big savings or a more appropriate level of cover at a cheaper price.
Price comparison websites can be a fast and straightforward way to look at lots of providers, and most have simple guidance to help you understand the different levels of cover as well as giving prices for many different companies. It is important that the policy you have meets your needs so do look at the small print before making your decision.
Purchasing your contents and buildings insurance from one company will often get you a cheaper deal. Some insurance companies offer more discounts if you also buy your car and life insurance from them as well as your home insurance.
If you raise the voluntary excess on your home insurance policy you will usually get a cheaper premium, but be sensible about what you would really be able to afford if you did need to claim. Remember the whole point of getting home insurance is to give you financial protection if your house or belongings need to be mended or replaced, so there is little point in buying a really cheap policy that would still leave you financially struggling if there was a house fire for example.
Get an approved burglar alarm installed and fit proper door and window locks. This will help you to avoid the trauma and inconvenience of a burglary and will also make your home insurance cheaper.
If you can afford to pay a one off sum annually rather than in monthly instalments, most insurers will give you a discount. Lastly, if there is one then make sure you join the local Neighbourhood Watch scheme, this is free and can reduce your home insurance premium.
When attempting to get a cheaper home insurance premium, dont ever lie your insurer about your belongings or the condition your home is in. If you are caught out the insurer may refuse to pay out and you may find yourself badly out of pocket.
