Home insurance is a necessary outlay to protect your home and your most precious possessions – but there’s no need to pay over the odds for your policy. We’ve compiled a useful list of ways in which you can lower the cost of your home insurance without sacrificing on adequate cover.
Ensure you’re not over-insured
Many homeowners err on the side of caution when it comes to home insurance, choosing policies with plenty of cover to ensure they aren’t caught out. Many people ‘guess-timate’ how much they’ll need. But this can mean you’re paying far more for your insurance than you should be – it’s a waste of your own hard-earned cash. Obviously, you don’t want to be under-insured either, so the best thing to do is evaluate your policy whenever it’s up for review. Carry out a full valuation of your possessions. Remove any add-ons you don’t need, and if you no longer own certain valuable or expensive items, consider lowering your total cover.
Think about increasing your voluntary excess
One of the best ways to lower the cost of your home insurance is to increase your voluntary excess – the amount you’ll pay if you need to make a claim. The higher your excess is, the lower your premiums will be – and when you consider that making insurance claims (and by extension, paying the excess) is fairly rare, it could save you money in the long-term.
Join a neighbourhood watch scheme
Some insurers offer a small discount if you’re a member of a local neighbourhood watch scheme. These organisations aim to improve fire safety, reduce crime and boost community spirit. Not only will joining one of these schemes give you more peace of mind that your neighbours are looking out for your property, you’ll also save money on your premiums.
Pay upfront to lower the cost of your home insurance
If you’re able to pay upfront for your insurance, rather than splitting it into equal monthly payments, this can save you money. Many insurers offer a discount for those who pay annually, purely because of the small admin fees involves with collecting payments every month.
One great way to lower your home insurance premiums is to boost the security of your home. Install a burglar alarm from a reputable company – some insurers offer a discount if you have a comprehensive system. The same goes for locks – make sure you have robust locks on all windows, doors, outhouses and garages. You might also consider investing in a safe for your most valuable items you keep in the house.
Protect against disasters
It’s common sense to have a network of smoke alarms throughout your property, but this can also reduce your insurance premiums. You should also try to protect against the risk of flooding, especially if you live in an area at high risk of flooding. Your water pipes should be insulated to protect them from freezing in the cold weather – when they thaw, they can crack and wreak havoc. You can bag a lower price on your home insurance by simply ensuring that your property is well protected in every way.
For more information about home and contents insurance, speak to the team at Morpheus Insurance Solutions today.