Concerned that you are paying too much on home insurance? We take a look at top tricks to keep the cost of home insurance low without compromising on the level of cover.
1. Check the cover offered
Home insurance is similar to other insurance products in that it should offer financial cover after damage, theft or loss. Getting the right cover is essential for you, your home and, importantly, for your budget. The more the home insurance policy covers, the higher the monthly premium. Do you need this level of cover? Don’t slash your home insurance cover too much though, as under-covering your home will not be helpful in the event of a claim.
2. Never auto-renew your home insurance
It’s easy to buy a home insurance policy and tick the auto-renew box to give yourself peace of mind that you’ll never be without cover. However, loyalty doesn’t always pay and if you allow your home insurance policy to auto-renew year after year, you’ll be surprised at just how much more money you could be paying!
Mark the home insurance renewal date on your calendar. In the weeks before, start your comparison search. Our home insurance team will be more than happy to help find you the best deal.
3. Don’t leave renewing your home insurance until the last minute
Life is busy and it can mean that finding the time to search for a new home insurance policy is hard. However, MoneySavingExpert has found that customers who shop around three weeks before their renewal date save 20% on the cost of home insurance.
4. Update security
There is a growing range of security options for the homeowner today, many of which are well worth investing in. However, before you do, check which security measures impact the most on reducing home insurance premiums. Global innovator of home security and camera solutions @ReolinkTech point out that well-planned home security systems, along with high-quality branded security cameras attract lower home insurance premiums.
Always check what systems insurance companies list as being ‘acceptable’. The same applies to door and window locks too. Brand names are usually highly favoured by insurance companies. Investing in improved security can be favoured by home insurance providers.
5. Consider changing the way you pay
Monthly premiums allow you to spread the cost of home insurance but paying in a lump sum for the year will save you cash too. Monthly premiums are, according to financial guru Martin Lewis, just a loan.
6. Be careful with add-ons
Home insurance providers offer all kinds of handy additional bolt-ons to the main insurance product. But you may not always need them.
Over the course of the year, your circumstances will change. When you buy a new mobile phone, for example, you may be offered insurance as part of the deal but you may still be paying for it with your home insurance.
Reviewing your home insurance needs is also essential for saving money. This is something our expert insurance team will be more than happy to discuss with you. Why not send us an email to find out more?
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Written by: Cambridge Web Marketing