In these tough economic times when homeowners are hit with everything from increased energy bills to rising mortgage payments, it's vital to keep all your costs low. So here are five easy steps to drive down your home insurance premiums.
- Step One: Think about your cover
Don't assume that you need every option available for your home. For example, if you live alone and are rarely visited by children or pets then do you really need accidental damage cover? Cutting this option out could slash your premiums by as much as 25 per cent.
- Step Two: Increase your voluntary excess
The voluntary excess is the amount you will pay towards the cost of a claim should an insured event occur. Clearly the more money you are willing to pay, the less the insurer has to pay - and so heightening the excess will lower your premiums. However, be careful not to set the bar too high - the excess should only be set at a level you can comfortably afford.
- Step Three: Increase security
Thefts and burglaries prompt a high number of home insurance claims and so protecting yourself against this risk will earn you a discount with an insurer. Look to fit insurer-approved locks and burglar alarms such as five-lever mortise locks and the NACOSS alarm system. Also look into other security features such as security lighting, time-switch lights and joining a Neighbourhood Watch scheme.
- Step Four: Protect yourself from fire
Many home insurance companies will now ask you if you smoke - so it pays to put the cigarettes away. Regardless of whether you smoke or not, ensure you have a smoke alarm in your house and a fire extinguisher too could earn you a discount.
- Step Five: Shop around online
If you find your home insurance renewal quotes get higher each year then shop around for a cheap home insurance policy online. Most of the leading providers offer their best deals to internet customers due to the money they save on overheads.
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