Quick Guide to Cheaper Home Insurance

Aug 22, 2013
guide to cheaper home insurance

Having written a blog last week about how to get cheap car insurance and some of the pitfalls to watch out for, I thought it would be helpful to write something similar for home insurance (don’t worry, I will follow up with blogs on cheaper health insurance, pet, travel and life insurance and all the other types of policy we feature on our website shortly so keep an eye out for them, especially if you are ready to buy or renew your insurance).

As always the 3 golden rules apply (sorry to repeat myself but this is important)

1. Always shop around, regardless of whether you are renewing or buying for the first time
2. Never assume that your existing supplier will be cheaper; you’ll probably be disappointed and out of pocket
3. Always look at online deals; you can often save more money with the same insurer just by buying the policy online as opposed to over the phone

Home insurance comprises of buildings and content insurance. Buildings Insurance is usually considered a necessity, especially if you have a mortgage. Contents Insurance on the other hand isn’t given the same credence which I believe is a huge mistake. Just think what would happen if you lost everything in a fire; doesn’t bear thinking about does it!

The following can help you reduce the amount you pay on both your building insurance and your contents insurance:

1. Try to pay for your cover in full if you can afford it as you will pay more if you opt for the monthly direct debit option.
2. Think about how much excess you are prepared to pay, basically the amount you are happy to contribute towards each claim. Higher excess equals cheaper home insurance.
3. If possible look to combine both your buildings and contents insurance with the same insurer. You usually get a much better deal having both services with the same supplier.
4. Don’t over insure; think about the cover you really need. Of course it’s important to make sure you have sufficient insurance to cover your buildings and contents but having too much cover can unnecessarily inflate your premium.
5. Protect your no claims bonus. Yes you can do this on your home insurance in just the same way as your car insurance. 

Do remember though that the cheap home insurance quote may not always be the best option. Read the small print before you commit to ensure your needs are fully covered.  

By Ashley Shepherd

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