Save money on the cost of your home insurance
Published 30 November 2016 by Linzi Nuttall
Find out how you could get a better deal on your home insurance.
The cost of home insurance has jumped substantially in the last year. The AA’s British Insurance Premium Index shows that over the last 12 months, contents insurance policies rose by just over 8%, while buildings insurance policies shot up by almost 14%. Whether you’re a renter or a homeowner, this can mean an increase in what you pay for your insurance policies. And if you’re on a tight budget, this extra cost can really stretch you.
So if you’re looking to renew your policy and aiming to get a deal, let’s take a look at how you could save money on home insurance.
Get the right amount of cover
If you don’t have any cover for your home, you could be left to foot the bill if you lost everything due to a fire, leak or a break-in. The type of cover you take out depends on whether you’re a homeowner or tenant. Landlords and homeowners should take out buildings cover and it is usually a condition of a mortgage to have this. But tenants typically need contents cover only.
If you take out buildings cover because you’re a homeowner, be sure that you’re covered for the rebuild cost of your house. This will help in case your home is destroyed by fire, adverse weather or a freak event. If you price this up with the cost of materials, architects and temporary accommodation in mind, you’ll get a more accurate figure for your insurance.
And you should do the same when you’re getting contents cover – make sure to value the contents of your home so that all of your personal belongings are protected.
Increase your excess
Insurance comes with an excess and this is compulsory with all cover. If you increase your excess, you could reduce the cost of your policy. But be realistic when you’re setting your excess – make sure you get a balance between the level of your excess so any future claims are still affordable.
Get serious about security
What’s the difference between a five lever mortice deadlock and a standard lock and key? Well, it’s likely that a better lock could drop down your premium price. This is because insurers could see your property as securer.
A burglar alarm system acts a deterrent to thieves so insurers could offer you cheaper quotes if you have one. It’s best to get it fitted professionally or opt for a monitored system, but even installing one yourself is a good idea.
Don’t be risky at Christmas time
At this wintery time of year, thieves are lurking to pounce on homes because they know they’re likely to find Christmas shopping in your home. With more of us buying expensive gadgets, it’s important to reduce the risks. Don’t leave them under the tree for weeks before the big day – someone could see them as they passed your house.
If you’re a thinkmoney home insurance customer, most policies will increase the value of your contents cover around the festive season so all of your presents will stay protected. Just make sure to check your policy to see if this applies and how much your cover increases by.
Insurers tend to give better deals to new customers and this applies to many services you pay for like broadband, utilities, mobile phone contracts or TV packages. So always make a note in your diary when your renewals are up and compare prices to be sure you’re getting the best deal.
If you’re looking to get a quote for your contents or buildings cover, thinkmoney insurance offers home insurance deals tailored for your individual situation.