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Tips for reducing home insurance costs

Five tips for bringing down the cost of your home insurance

Every homeowner knows the value of paying for a home insurance policy but not everyone knows the best ways to reduce the amount they pay for cover. It’s possible to shave significant amounts off your premium by taking a few simple steps – with that in mind, here are five easy ways to get started:

Shop around

Online insurance comparison sites can be very useful for gathering quotes – but it’s essential that you realise not all providers allow their prices to be displayed via this method. Many insurance companies choose to pass savings on to their customers by cutting out ‘middle men’ like comparison sites, so you’d do well to check around and get quotes from all the big hitters to make sure you definitely have the best deal for your needs.

Improve security

Beefing up security at home is a surefire way to lower your home insurance costs. Consider improving the locks on your doors and windows and having an alarm fitted. Yes, this will mean a relatively significant initial outlay, but the security improvements will pay for themselves in reduced insurance payments over the years to come – as well as giving you improved peace of mind in terms of keeping your property safe from potential intruders.

Double up

It’s often a good idea to take out your home insurance policy with the same company that provides your car insurance as this can often mean a reduction in both premiums. Shop around and look for good deals for people who are prepared to stay loyal to an insurance provider in this way.

Head online

You’ll find that the majority of insurance providers offer their best prices to online customers, so make sure you use the internet to get your home insurance quotes if at all possible. Going online is also the most convenient way to go about doing your research, with a huge range of quotes available in a matter of minutes at the touch of a button.

Pay annually

It’s often cheaper to pay your insurance off in one lump sum if you’re in a position to do that rather than pay on a monthly basis with the added interest that can generate. Go with the best option for you, though – if you pay the lump sum with a credit card and then fail to pay the card off straight away then you’re likely to incur even more interest than if you had just paid monthly.