There are many things you can do that will lower your home insurance premium.
Take a look around
Compare quotes from various insurers. Talk to the insurance company directly, or contact a broker through British Insurance Brokers Association (BIBA). You can also use a price comparison site to compare premiums. Do not accept the renewal quote from your current insurer. Shop around for the best deal every time you renew your policy.
You may be offered additional coverage by your insurer, such as protection from accidental damage. However, your standard policy may cover all you need, so don’t spend extra.
Combining buildings and contents insurance
Although you don’t need to purchase buildings and contents insurance from one provider, some companies offer discounts if you have two premiums. Comparing prices can help you decide which policy is the best.
Protect your home
Many insurance companies offer discounts to homeowners who have security devices like burglar and smoke alarms, high-quality window locks and door locks. You will be informed by your insurance provider which devices are approved. For more information, see the ABI’s guide to improving your home security (pdf 112kB).
You can choose to pay more for excess
If you agree to pay more excess, your insurer could lower the price of your premium. This is the first amount you have to pay for any claim.
You can pay your premium one time
If you pay your premium upfront, rather than monthly instalments, you may be eligible for a discount.
Maintain your no claims discount
Customers who don’t have any claims against their insurance for a specific period of time are often eligible to receive discounts from insurers. To avoid making a claim, preventative measures include insulating pipes and water tanks in order to keep them from freezing during cold weather.
Calculate the exact value of your contents accurately
It’s worth taking the time to determine how much your possessions really are worth. This figure is crucial. Your premium will go up if you underestimate this value. You will not receive adequate coverage if this number is underestimated.