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Shop around! Choosing your policy and
provider carefully is the first step in getting the deal
that is best for you.
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Buying buildings and contents insurance
as a package should result in a lower overall costs. The
insurer can deal with one combined policy more efficiently
than two separate insurers could deal with the administration
of two policies.
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Don't over insure. Make sure that both
the rebuild cost and contents inventory are accurate.
If you are sure that the standard set level of contents
cover is too high, find an insurer who will insure you
for a lower level of cover.
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Make sure that you need all the cover
that you are getting. There is no point paying for cover
of the shed or garage contents if you do not have a shed
or garage. Asking for this cover to be removed should
reduce your premium.
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Consider raising the excess that you
will have to pay in the event of any claim. There may
be a separate excess for the buildings and contents components
of your insurance, as well as for individually disclosed
items. The excess is usually higher on buildings insurance
(often as high as £500), to reflect the higher average
value of buildings insurance claims. The downside of raising
your excess is that it becomes financially impractical
to make a claim for a small amount.
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Improve your home security. Make sure
that you fit locks to your windows and doors and consider
having a burglar alarm fitted. Unfortunately, different
insurance companies can have their own unique requirements
as to the type of security system that they require you
to have installed. Find out from them before you install
anything.
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If there is a local neighbourhood watch
scheme, join it. This can knock a surprising amount off
your premium - sometimes as much as 10 or 15%.
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If you have had household insurance in
the past and have not made a claim, make sure that the
insurance company are aware of this. No claims discounts
increase with time, as they do with car insurance. You
could be paying anything up to 20 or 30% less than a first
time insurer after five years without a claim.
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If you can pay a whole year's premiums
in one go as opposed to monthly payments, this could knock
a further 5% off the total amount that you have to pay.
Bear in mind that not all these discounts will necessarily
be offered by an insurer. If you live in what they consider
to be a really high-risk area, it may be a requirement for
you to have security systems fitted and be part of a neighbourhood
watch scheme just to get any insurance at all, let alone a
discount.
