Home Insurance Cost Reduction Tips

Move your home insurance
If you have your buildings home insurance with your mortgage provider, think about moving it! You'll often be able to save money on your house insurance.

Shop Around
You must always shop around and compare both the home insurance premium quotes and levels of protection & cover. Assess your needs carefully as the cheapest option is not always the best for house insurance.

Multiple Policies
Nearly all UK insurance companies offer different insurance products such as home, car, travel etc… We all have various insurance needs but if you buy your policies from one insurer then some companies will offer discounts on your house insurance premiums. This can work out better for you both cost wise and in terms of convenience.

Combined Policies
Similar to placing all your different insurance needs with one company, the same applies if you have buildings and contents home insurance with one provider. In many cases your overall house insurance quote will be reduced by switching to a combined contents and buildings home insurance policy. This can work out better for you as you only have one point of contact for all your home insurance needs.

House Security
Install and maintain a NACOSS approved alarm. Ask the various home insurance companies if they will discount house insurance premiums where you have a home with an approved alarm system.

Neighbourhood Watch
If you join your local Neighbourhood Watch scheme then some insurers will discount home insurance premiums.

Review your Home Insurance Contents Policy 
You should review regularly the value of your possessions and the limits in your home insurance policy. Check you still have all the possessions you had when starting the home insurance policy and also that any new possessions are included under your house insurance policy -make sure you are not paying for cover that you don't need.

Smoke Alarms
Fit smoke alarms to your home for your own safety. Some insurers will offer discounts on your house insurance policy.

Voluntary Excess
Some house insurers will save you money on your home insurance premiums by stipulating a higher voluntary excess on your home insurance policy. There is usually a minimum level of excess everyone has to pay but by requesting a higher level of voluntary excess you can reduce your home insurance costs. Be aware that a higher voluntary excess means that you will have to pay out higher costs in the event of a house insurance claim.

Buy Online
Buying house insurance over the net can save you money as online transactions generally cost the home insurance companies less so they will pass saving onto the consumer.

You might find the following links useful:

Home Insurance Quote Checklist

Keeping your home utilities efficient

Over 50? Having the last laugh

Over 50 Travelling Advice

Breakdown Insurance Tips

The opinions expressed are those of the author only. The material is for general information only and does not constitute legal, financial or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation by an FSA authorised company where the market is FSA regulated.