1. Improve your home security
Go beyond the basic measures of deadlocks on external doors and locks on windows. Add five-leaver mortise deadlocks that adhere to BS3621 standards and install a burglar alarm.
2. Only get the cover you actually require
For example, if you rent you will only require contents cover. If you require both buildings and contents its usually best to purchase a combined policy; buying separate policies works out more expensive. However, you need to ensure that if you have a combined policy that you don’t have two separate excesses to pay – this could prove costly in the event of something like flood damage where there could be both buildings and contents claims.
3. Use the correct valuations
Many people over – pay because they have used the retail market valuation of their home rather than the actual re-build cost which is far lower.
It’s also worth taking the trouble to do a proper assessment of the value of your contents rather than getting an often too high nominal value from your insurers.
4. Set the Correct Excess
Paying a greater excess can greatly reduce your premium. However, its pointless having an excess that’s so high that it prohibits the vast majority of claims!
5. Pay annually
If you can afford to pay in one go then this will undoubtedly be cheaper for you since whilst its nice to spread the cost over the year, this is technically a loan and can sometimes come with an APR as high as 40%!
6. Hagle a hard deal!
Its well known that providers reserve their best deals for new customer’s yet existing customers premiums generally increase year on year. Get a few competitive quotes prior to ringing your provider and asking them to ‘sharpen their pencil.’
7. If you have a historic or listed building talk to a specialist
The general home insurers like ‘normal.’ So if you property is especially old, listed or has a feature like a thatched roof, you will probably get a more competitive quote from a specialist such as ‘Hiscox.’
8. Read carefully your terms and conditions
It’s often the case that add-on’s and extras ‘creep’ into a policy; things that you don’t really require. Question everything!
9. Use a broker!
Independent brokers, like Dunham McCarthy will give you the best advice and sort you out with a policy that’s perfectly tailored to your personal requirements.