One of those essential expenses that we all have is the cost of home insurance, especially those of us who are homeowners. Most of the time we just pay the premiums and never make a claim as nothing untoward happens that would require a claim. This is a great reason for investigating if you can reduce your cost of home insurance.
There are different ways to do this, but start by checking what your renewal costs are and then get some fresh quotes to compare against your existing insurer. Make sure you ask for the exact same cover, with the same amount of excess to get a true comparison.
If any of them come in cheaper, then go back to your current insurer and ask them if they are willing to match the price. If they are, it saves you the difference in price and the effort of moving to another insurer.
If the different quotes are comparable, but still more than you want to pay, then consider doing any or all of the following:
- Offer to pay a higher voluntary excess. This often reduces premiums.
- Reduce the contents level to the minimum. Many home insurance quotes put in a standard level of contents cover which is fairly high in value. You don’t want to pay for more contents insurance than you need.
- Don’t get separate contents and buildings insurance quotes. A combined policy will work out cheaper.
- Opt out of any extra cover such as home emergency cover, personal possessions cover and accidental damage cover. While each of these can be useful, they will increase the annual cost of your premiums.
Taking these kind of steps can help to reduce the cost of home insurance and is worth doing as long as you make sure you still have an adequate level of cover should you ever need to make a claim.