Ways of Getting Cheaper Home Insurance
Simple but effective ways of reducing your insurance premiums
Avoid Small Claims
If you make a lot of small claims, this can make it harder to get cheap insurance. Not only does claiming often increase your risk factor in the eyes of insurers, but many policies now have a no claims bonus feature.
Common in car insurance policies, no claims bonuses are now starting to be more popular in other kinds of insurance. Basically, for every year that passes without you making a claim, your premiums are reduced. You can get discounts of 40-50% this way after a few years have passed. For example, esure offer a no claims bonus deal on their home contents insurance policies.
Making a small claim may mean you lose the bonus, so you have to weigh up whether it's worth it in the long run.
Increase Security
One of the most common reasons for making a home insurance claim is after a burglary, whether to replace stolen items or to repair damage caused. Bearing this in mind, it makes sense that anything you can do to lessen the chances of a burglary will make you a lower risk in the eyes of your insurance company - and a lower risk means lower premiums.
Most insurance companies will offer discounts if you improve the security features of your home. Be sure to tell your insurer about any improvements you make in this area in order to benefit from lower premiums. Examples of ways to improve security include:
- Install a burglar alarm system approved by the insurance industry, and make sure it's serviced annually
- Fit 5-lever mortice locks to all your external doors
- Fit quality window locks to all windows
- Install outdoor security lighting where appropriate
Neighbourhood Watch
Related to the security measures mentioned above is a Neighbourhood Watch Scheme. If one operates in your area, join it. If not, consider setting one up - the benefits you could get in reduced insurance costs can make it more than worthwhile, and it's a good way of getting more involved in your community too.
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