Save on home insurance with money saving tips

Insuring your house is a necessary expense, but are you sure you are getting the best deal? Premiums can vary widely across a range of providers, even for very similar policies. By following a few simple home insurance money saving tips, it's possible to make substantial savings on your annual bill without having to compromise on coverage.

Changing policies

One of the most important of home insurance money saving tips involves being proactive. Don't allow your premiums to escalate without taking action.

  • Beware the automatic renewal. Invariably insurance providers raise their premiums annually on the assumption that you will be too passive to question the rise. Always query any change. In most cases, providers will be prepared to negotiate.
  • Combine your buildings and contents cover in one policy. This is nearly always cheaper, although if you have very valuable items stored in the house, you may have to make separate provision to cover these.
  • Look out for additional fees charged for paying monthly. It can be cheaper to pay your premium annually or to shop around for providers who do not impose penalties for monthly instalments.
  • Trim down your insurance cover. Ask yourself if you really need family legal protection or accidental damage cover, for example. A no-frills policy will always be cheaper.
  • Do not duplicate cover. Sometimes a bank account or credit card provides some level of insurance protection for loss of valuables. Ensure that your home insurance policy isn't offering redundant additional protection.
  • Invest in burglar alarms, smoke alarms and other home protection devices. In most cases these will help to keep your premiums low.

Shop around for the best cover

The home insurance market is a competitive one, and providers are keen to secure your business. Home insurance money saving tips should include the advice to shop around for the best deals. Be prepared to haggle and ask for a discount. Most insurance providers are prepared to negotiate to keep your custom.

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