Sunday, 2 November 2014

Top ways to lower your home insurance

Let’s face it, keeping family finances under control isn’t easy. Like lots of parents, you might find it a constant challenge to manage your money. However, there are ways to reduce the pressures facing your household. For example, by following these simple suggestions, you may be able to save money on your home insurance. Even if you only manage to shave a few pounds off your monthly premiums, these savings will add up.

Increase security

No matter how careful you are, you can’t eliminate the risk that an accident will happen in your home. Bear in mind that in 2010 alone, more than two million home insurance claims were made. However, there are measures you can take to improve safety and security at your property. In turn, this will help to drive down your insurance premiums. For example, it’s a good idea to install an alarm system. For a hi-tech approach, you can opt for one of the infrared security beam solutions offered by Big Brother Systems. These products are designed to raise the alarm before intruders have even reached your property.

It’s also worth considering CCTV systems. This equipment can help to deter intruders in the first place and, if they do enter your property, they are more likely to get caught.
Security lights can be beneficial too and it helps to trim back any trees to ensure that your property is clearly visible from the street. Of course, you must have good quality door locks and your windows must be up-to-scratch too.

You may also be able to lower your premiums by joining a local neighbourhood watch scheme.

Scour the market

After a tiring day working or looking after your kids, scouring the market for the best home insurance might be the last thing you want to do. However, this process could save you lots of money. Comparison sites help to speed this process up. Make sure you use at least two of these sites though as you may not access the most impressive deals if you rely on one.

Also, bear in mind that some insurance firms don’t appear on comparison sites. It’s worthwhile taking a little extra time to get quotes from these companies too. Another option is to use a broker. This can be beneficial if you need a non-standard policy. For example, if you live in a listed building or a home that’s prone to flooding, a broker may be your best bet.

Don’t guess the worth of your contents

Never simply guess the worth of your property contents. OK, so this approach will save you a little time, but it could cost you cold, hard cash. After all, if you overestimate the value of your goods, you’ll end up needlessly paying too much in your monthly premiums. Alternatively, if you underestimate their worth, you could be left out of pocket if you need to make a claim.

It’s worth making a detailed list of your contents and their values, particularly the more expensive items. This will help ensure you give accurate information to your insurer.

Raise your excess

One way to bring your premiums down is to increase your excess. By volunteering to pay a higher excess on any claims you have to make, you should get a reduction in your insurance costs.

Pay up front

Last but not least, it’s worth considering paying for your home cover up front. Sometimes, it’s cheaper to shell out for insurance on a one-off basis than it is to pay monthly. Insurers can charge as much as six per cent extra for monthly payments.
By following these top tips, you should succeed in bringing your home insurance costs down.

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