Like every other type of insurance, home insurance-providing companies are seemingly falling over themselves to grab our attentions (and subsequent business) with promises of this, that and the other. The ‘other’ being the unique selling proposition – or USP if you’re of a media persuasion – which they hope makes their product stand out amongst their rivals.
You only have to switch on the TV and you’re inundated with CGI-crafted and/or movie-themed ads between your favourite soap opera espousing the virtues of home insurance companies offering what, when, where and how.
Seriously, you must have seen them?!
And then there’s those infinite home improvement and property based programmes routinely broadcast which are now sponsored by one home insurer or another to drum up trade.
But rather than falling for their televisual charms then and there (or rather introductory deals), we would still recommend that those of you on the look-out for a ratings-winning home insurance deal do your bit behind the scenes so as to broker the best deal possible. And that involves paying attention to the following impartial advice which will ensure that you obtain the most competitively priced home insurance premium prices out there at any time.
There are various ways and means to reduce the cost of your home insurance, either with your existing provider when it comes to renewal time, or, alternatively when running the rule over the vast array of other insurance companies offering home and contents policies.
10 easy and cost-effective ways YOU can reduce your home insurance premiums
Thanks to expert advice garnered by specialists in their field and compiled here for your benefit by way of our handy and ever-resourceful Top 10 Home Insurance Money Saving Tips countdown, you could secure yourself far more affordable premiums than you’re currently paying.
Our chart rundown is in no particular order, and rest assured if you heed these pointers your next home insurance premiums will be headed in just the one direction (eg, down).
Always compare. Our first suggestion would be to take a ganders as to what other home insurance providers are presently offering. As is the case with pretty much anything today, choice is key and shopping around unlocks doors. Home insurance providers are engaged in constant battle for customer business so use all of your cunning by checking out the leading comparison sites as well as doing the traditional ringing around of insurance brokers to ascertain the current lay of the land. Don’t simply be bamboozled into accepting whatever deal you’ve had previously because remember that in the home insurance game loyalty counts for nothing.
See how the other half live. Believe it or not, there are some home insurance providers out there who ostensibly punish those who sign up for repeat business. Indeed, scores of customers are habitually stung by certain insurers simply for renewing their existing cover automatically year on year. What do they say about familiarity breeding contempt? Conveniently forgetting to reward loyal customers by offering them the very best deals and incentives they let them stagnate, instead targeting new customers with an abundance of home insurance riches to reign them in. the moral of this brief story being, DON’T RENEW AUTOMATICALLY.
Reach for the stars. By increasing the excess you pay on your home insurance policy you can effectively reduce the premium you pay. We like to call it a calculated risk, and would suggest it as a sure-fire way of minimising your monthly outgoings. But only if you know you can afford to stump up more in the unfortunate event of having to claim on your insurance sometime in the future. Something of a trade-off but well worth considering as by upping your excess essentially reduces the risk in the eyes of your home insurance provider. The upshot being, lower premiums.
The ultimate 2-4-1 deal. Not exactly a buy one, get one free offer, but a similar premise in as much as the customer will be saving money in the medium and long term. What we’re trying to say is that by snapping up buildings insurance AND content insurance together in the one bundle results in reduced premiums. This one combined home insurance policy represents far better value for money than keeping the sum parts of a closely related total, separated. Of course, this only applies if you own your property as opposed to rent, in which case you’re only responsible for your possessions.
Go hard or go home. Well, not quite, but you get our drift. If you elect (dependent on your financial circumstances at the outset) to stump up the entire 12 months home insurance premium in the one go, then most of the leading insurers will reward customers with significant discounts at the point of initial purchase. Rather than choosing to spread the cost over the full term of the agreement and paying via monthly direct debit.
Flattery always works. If you happen to like the last deal your received from your existing home insurance provider, yet have been offered a renewed deal at a surprisingly higher rate of late, then play the loyalty card. Underline the fact that you’re a good, reliable customer (providing that you have been); shout it from the rooftops if you have to. Butter them up. Do whatever it takes save grovelling, naturally. You’ll be surprised at the rewards that a little smooth talking reap. And if that fails, just tell them you’re taking your business elsewhere and watch them (potentially) meet you a little more half way.
Fire and brimstone. Not quite, but rather the simple and cost-effective acquisition of smoke alarms and the odd fire extinguisher will systematically reduce you home insurance premiums. If you can convince your provider that you’re doing your health and safety bit to determine more positive outcomes then an increasing number of insurance providers will reflect your forward-thinking in the premiums they arrange with you. Plus there’s the added peace of mind for yourself and your nearest and dearest making it a classic win-win situation in our book.
Fort Knox your home. Ok, that would be a bit extreme, and we’re not really suggesting you (steel) ring fence your property or build it on a remote island to ensure that it remains un-breachable. Merely (and more realistically) to get better locks fitted to doors and windows, especially those which adhere to British Standard build qualities. This relatively simple and hassle-free/low-cost method is known to be smiled upon by home insurance providers. Translating as lower premiums.
Speculate to accumulate. It’s not just banks which require safes in this day and age, as we tend to keep pretty expensive things of all shape, size and general shininess in close proximity. So it makes absolute sense to protect them in the confines of an inpenetrable space when you’re not wearing or admiring them. And home insurance providers really appreciate customers who invest in home safes. So much so that it’s common practice amongst leading providers to reward them with lower monthly premiums.
Love thy neighbour. And by that, we don’t mean inviting them around for a coffee morning. More signing up to the local Neighbourhood Watch scheme which more often than not impresses your home insurance provider as much as him and her at No 58. Considered as less of a burglary risk by having neighbours look out for your property puts customers in the driving seat when it comes to negotiating (or re-negotiating) home insurance policies.
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