The annual home insurance bill is one of those things that we would all rather avoid. If you want to stay protected then there is no way to get away from this cost but you can take some simple steps to try and reduce the premium and get a better deal.
1. Check the Amount Your Cover
Could it be that you are covered for more than you need to be? In terms of your building insurance, what you need to be insured for is the rebuilding cost of the property, which is often a lot lower than the market value. The contents value can be harder to work out but you can do this by going round the house room by room and noting the values.
2. Consider the Optional Extras
Do you have accidental damage cover or home emergency cover? There are a few different types of optional extra that you might have agreed to add at some point. If you want to cut costs now then you could consider whether or not this still offers you good value.
3. Confirm Your Details
It should only take a few moments to make sure that you home insurance premium is based on the right postcode and that other potentially important factors, such as your age, are correct as well.
4. Increase the Excess
The excess is the amount you need to pay before any claim is paid. For instance, if have an excess of Â£100 and make a claim for a Â£500 carpet then you will get paid Â£400. Increasing this amount means that smaller claims might not be worth claiming for but it could reduce your premium enough to make it worthwhile anyway.
5. Improve Your Security
Many insurance companies will give you a decent discount on your premium if you upgrade your locks to better ones. If you aren't sure that whether or not your current security levels are good enough to get a discount then you could check the details with an expert here. You could also think about fitting a burglar alarm and getting a discount for this too. As well as the money you saved this will also give you greater peace of mind at home.
6. Check for Additional Discounts
Some insurers offer additional discounts, such as for people who work with certain employers. All it takes is a minute to ask the question about whether there are any additional discounts you might be eligible for.
7. Take All Your Policies to the Same Company
Another idea is to ask your insurer whether you could pick up an extra discount by taking your other policies over to them. If you have car insurance or some other type of policy they also sell then it could be worth the effort this involves. It might also make it easier to look after your policies too, as you will only ever need to speak to the same company.
8. Ask About the Cost of Different Payment Methods
If you currently pay your premium by monthly instalments then you might be able to get a better deal by moving over to an annual payment method. This is because there is often a surcharge added on to instalment plans. Making the effort to pay it all in a lump sum once a year could save you a decent amount of money.
9. Ask for a Discount
There is no harm in just asking for a discount. You might want to shop around first of all and then go back to your current insurer and ask them to beat the best quote you were given from elsewhere. If they won't do this then you need to decide whether the saving on offer is big enough to make a switch worth making.
10. Make Sure You Are Covered for What You Need to Have Covered
Finally, let's not forget that getting a good deal doesn't just mean getting the lowest price possible. It means getting the cover you need at a price you are happy to pay. If you can achieve this then you will probably be happy that you have the insurance policy that it right for you.