Home Insurance: a Guide - Part 2

September 7, 2008

Here is a summary of some steps you can take to help lower your home insurance premium:

• Contact your insurance company or local neighbourhood watch scheme, who can provide information packs about making your property more secure.


• Ensure that all windows have locks fitted and that your doors are fitted with deadlocks. Insurers may offer a discount of up to 10% off your contents insurance if you have these kinds of locks fitted.


• Consider fitting an alarm to your property, ensuring work is carried out by a recognised alarm fitter. Bear in mind that expensive alarms might require annual servicing, but such a step could help give a discount of up to 10% on your policy.


• If you have had any additional safety or security features – such as closed-circuit television, fire precautions and home safes – it is best to declare these to your house insurer provider, as it could mean a discount on your premium.


• Most policies will require you to pay the first £50 of any claim – but if you’re willing to pay a little extra on your excess you can reduce your premium.


• Check that you live in a neighbourhood watch area. If so, check with your insurer to see if you can still qualify for a small discount.


• Just like with car insurance, a record of no previous claims can make a difference to your premium. Some policies now offer the option to protect your no claims bonus. If you don’t have protection already and you need to make a claim, consider if it would be cheaper to pay for the loss or damage yourself rather than affecting your no claims bonus – which could affect your premiums in the future.


• Age can be a factor in whether you get a good deal on home insurance - statistically the older you get, the less likely you are to have an accident – there are some providers who offer extra benefits to those over the age of 50.


• Lifestyle can also play a part in your premium, be sure to declare as many details as possible to your insurance provider – such as whether you smoke – as this might affect your premium.


• Some insurers offer additional discounts if you apply online, and with a wide variety of cheap home insurance providers to choose from it might be worth shopping around for a deal that suits you.

Before taking out a policy, you need to make a list of what you need to insure, as well as determining a price and level of cover for each item. Having an idea of what you want to protect before searching for an affordable home insurance policy will help to minimise the time you spend searching for a quote and purchasing a cheap home insurance policy.

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