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How to save money on home insurance

Get the best value for money on your home insurance premiums

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In 2017, UK households had to fork out an extra £131 for their home insurance and these increases have only continued in 2018.  So, if you’re looking to save money on home insurance, it’s time to start making some changes yourself, otherwise, the price of your policy will continue to go up and up.

There are a number of pretty simple and straightforward things you can do right now, or when you renew your policy that can reduce the price of your premiums despite the rising cost of home cover.

Like all insurance products, making a few simple changes to both your everyday life and when you apply for home insurance, can have a huge impact on how much you pay.

To help you save money on home insurance, we’ve put together a list of these quick and easy ways to keep costs down and when protecting your property.

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When renewing your policy

The best time for homeowners to save money on home insurance is when their policy is due for renewal.

Sticking with the same insurance provider can mean your premiums jump up each year regardless of whether or not you’ve made a claim or made any changes to the policy. This is because so many of us forget or don’t bother to look elsewhere so insurance providers hike up the price, hoping to catch out unaware customers.

Compare prices to find the best deal

With insurers hoping that you don’t check elsewhere for cover, you could end up saving a significant amount of money by simply comparing prices from other providers.

Even if the price isn’t the most important factor for you, you could find the same cover with a lower excess or even just insurance with a provider that has better customer reviews. Whatever you’re looking for from a home insurance policy, it’s more than likely you’ll get a better deal by looking elsewhere and comparing prices.

Don’t overestimate the value

If you’ve compared prices and found a better deal elsewhere, you’ll have had to re-estimate the value of your belongings.

This can be a great opportunity to save money as you’ll be able to reassess the value of your contents, make changes to accommodate for any new purchases or things you’ve thrown away, and get a more realistic idea of how much cover you actually need.

Wrongly overestimating your contents worth or even the cost to rebuild your home could mean you’re paying more than you need to. Accurately calculating the amount of cover you actually need can quickly and easily save you money.

Choose your additional extras wisely

There are tons of different additional extras that can be added to a home insurance policy but that doesn’t mean you’ll want them all. Do you really need cover for your pushbike? Are your valuables worth getting accidental damage cover for?

If you don’t think so, check which additional extras you have selected and remove any you don’t think you’ll need or will give you good value for money.

Only pay for the cover you actually need

For most people it’s far cheaper to buy their home insurance annually, if this is the case, you should make sure you pay for it in one lump sum upfront rather than monthly. This way is almost always cheaper as you’re not having to pay interest on the policy.

While this is usually the cheapest way to get home insurance, there are many situations where a whole year’s worth of cover is far more than you need.

If your home is going to be vacant for a set period of time, usually 30 days, your annual insurance policy could become invalid. If you know your home is going to be empty for a long period of time, you will need to insure your home again but probably don’t want to have to pay for another 12 months of insurance.

Similarly, if yours or a loved one’s home is going through probate and you’re waiting for everything to get sorted, or if you’re renting a property on a short term basis, say when your home is having major renovations, you might find that temporary home insurance is cheaper, easier and more flexible way to insure your home without having to pay for cover you don’t actually want.

Temporary home insurance from Tempcover.com offers quick and easy short term insurance for a range of everyday situations. Cover is available from 7-28 days and can be purchased as either building only, buildings and contents or just contents only depending on what is right for you.

You can get a quote at any time online and it could save you a lot of time and money.

Saving money at home

Beyond making a few simple changes when renewing your home insurance policy, you can also save money by changing a few things within your home. These small improvements shouldn’t take too long but can help reduce the price of your premium considerably.

Increase your home’s security

You should look to improve the level of security in and around your home to not only save money on home insurance but also give you greater peace of mind that you and your family are more protected.

Something as simple as a visible burglar alarm can put off a potential burglar, plus insurers will often offer a discount for having one installed.

Another way to reduce the cost of your premiums and make your home safer is to upgrade your locks. Most insurers will cover you with your standard fit locks, but more secure locks could help to save you some money.

Join a neighbourhood watch scheme

Even if you’re not too close to your neighbours and people living in your street, joining a neighbourhood watch scheme can have multiple benefits.

Not only do some insurers offer a discount for being a member of one but it can be a great way of getting to know those around you. It’s also great from a security point of view as you’ll have people looking out for your home while you’re away should anything happen.

Maintaining your home

Keeping on top of home improvements and general maintenance in your house can prevent potential damage and therefore stop you needing to make a claim. A no claims discount of five or more years can be worth up to 50% off on your premiums.

Simple house maintenance that can prevent serious damage includes:

  • Insulating water pipes to prevent freezing
  • Remove tall trees within a close proximity to your home
  • Regularly checking your smoke alarms
  • Fix any small weather damage to the exterior particularly the roof immediately

All these changes can drastically reduce the cost of your home insurance premiums now and in the future.