How to lower home insurance costs

If you want to pay less for your home insurance, as a minimum your mortgage provider will still require you to have buildings insurance to cover the cost of repairing or rebuilding your home. It is up to you to decide whether to also purchase contents insurance to cover the things in your home, although it could be an expensive gamble if something were to go wrong and you had no insurance.

However, there are a few easy things you can do to reduce your premium that that will not leave you unprotected and that cost little or are free. Firstly, shop around for your home insurance. With so many companies offering so many different deals, you may find big savings or a more appropriate level of cover at a cheaper price.

Price comparison websites can be a fast and straightforward way to look at lots of providers, and most have simple guidance to help you understand the different levels of cover as well as giving prices for many different companies. It is important that the policy you have meets your needs so do look at the small print before making your decision.

Buying your buildings and contents insurance from the same company can help reduce the price. Some also offer cheaper deals for travel and car insurance if you use the same provider.

If you raise the voluntary excess on your home insurance policy you will usually get a cheaper premium, but be sensible about what you would really be able to afford if you did need to claim. Remember the whole point of getting home insurance is to give you financial protection if your house or belongings need to be mended or replaced, so there is little point in buying a really cheap policy that would still leave you financially struggling if there was a house fire for example.

By fitting an approved burglar alarm and getting proper locks you can further reduce your premium. This will also of course reduce the chances of a burglary which is not just expensive but can be very traumatic.

Look for deals where you can pay annually in a lump sum rather than monthly instalments, there is often a discount. Finally, try and join a Neighbourhood Watch scheme, this costs nothing and can make your home insurance cheaper.

In your attempts to reduce your premium, dont be tempted to lie to your insurer about the condition of your home because otherwise the insurer may not pay out.