Below is a list of Bob’s top 10 tips on how you can save money when buying home insurance and still have the cover you need.
For more information on how Bobatoo.co.uk can help you get the right deal on home insurance, visit our home insurance deals page. Here on the blog you can also read our home security tips for summer guide and learn more about including your garden contents in your home insurance policy.
- COMBINE BUILDINGS AND CONTENTS COVER
Many people find themselves taking out buildings cover with one insurance company and contents cover with another. However, it can be very beneficial to take out these covers with the same company, as many insurers offer discounts for doing so. It’s also easier to deal with one insurer in the event of a claim as there’s no argument over who should pay!
- CUT OUT ADDED EXTRAS
You could reduce your home insurance premium by a substantial amount if you take out a ‘basic’ policy. This means having no ‘added extras’. An example of an ‘added extra’ is to include accidental damage cover in your policy. If you decide you do not need extras like this, do not include them in your policy as they can bump your premium up – only buy the cover you’ll need for your circumstances.
- CHECK THERE ARE NO HIGH MONTHLY PAYMENT COSTS
Paying for your home insurance in a one off payment each year could cost you less. This is because when you pay in monthly installments, companies often add an additional admin fee or interest therefore increasing your total premium.
- OPT TO PAY A BIGGER EXCESS
Home insurance policies come with a compulsory excess charge. This is the first part of a claim that you have to pay yourself. However, you can add a voluntary excess amount, which you will then pay on top of the compulsory amount. So if your compulsory excess is £200 and you make a voluntary excess of £250, you will have to pay the first £450 towards the claim. By adding a voluntary excess, you can get a discount off your premium. Remember, you should only add on a voluntary excess if you can afford to. There would be no point in doing so if you were unable to pay the amount if you were to make a claim.
- SECURE YOUR HOME
This may seem like the most obvious thing on the list, but it is an important one. Securing your home properly will reduce the likelihood of theft, which will in turn reduce your home insurance premium as the risk of claiming after a robbery is lower.
You can also get a discount for an approved alarm system so if you’re thinking of having one installed in your home it’s best to check that it’s recognised by your insurer.
Another security device which will help to lower the cost of your home insurance is to have suitable locks on doors and windows in your home. Like with alarm systems, insurers will often suggest certain lock types that they approve of, an example would be the five-lever mortise locks. It could also be beneficial to change your locks if you have recently moved house, to avoid any old tenants having the keys.
- NEIGHBOURHOOD WATCH
Joining a neighbourhood watch scheme could reduce your premiums too. Most insurance companies will ask you whether you are part of a scheme, and if you are, they will see you to be less likely to be a victim of crime or burglary. You must be an active member to qualify though. For more information and to find a neighbourhood watch scheme in your area visit the official site here: http://www.ourwatch.org.uk/get_involved/join_or_start_a_scheme/
- NO CLAIMS DISCOUNT
If you do not make any claims on your home insurance policy, you will build up a no-claims discount and earn a reduction on your premium. So, if you can afford to repair any damages yourself, it could be worthwhile to do so as you will be protecting your no claims discount. The cost of repairs may also be cheaper than your excess amount, which again, will save you money.
- FIRE SAFETY
Smoke alarms should be fitted in every home and checked regularly to make sure they are working correctly. In addition to having fire/smoke alarms in your home, you should always take extra precautions to avoid house fires. Examples include turning off electrical appliances, checking candles and cigarettes are put out correctly and taking care when cooking.
- INSULATE YOUR PIPES
Burst water pipes are a common cause of home insurance claims. Insulating your pipes and tanks correctly will reduce the risks of them freezing and bursting in cold weather.
As with any kind of insurance, different companies offer different levels of cover and different policy prices. Because of this, it is always beneficial for you to compare different policies to get the best deal to meet your specific needs. It is also worth noting that when renewal time comes round, you may find that renewing with your current insurer will cost you more than it would to take out a new policy.
If you’re interested in getting a quote for home insurance, let Bobatoo.co.uk do the hard work for you and find you a great deal. Buy your home insurance with us and take advantage of guaranteed fixed premiums until 2016. Visit our home insurance deals page now for more information, or get a quote below: