Homeowners can take some steps to reduce the cost of their insurance premium:
• Install security features; burglar alarms, fire alarms and even CCTV can all make a difference to your premium.
• Invest in specialist paints like flame retardant coatings.
• Regularly clearing gutters of debris and checking for damp or cracks in the structure can also keep you aware of issues before they escalate.
• Get an accurate rebuild cost; this is not the market value of your home. You should arrange for a chartered surveyor to give you an accurate figure instead of over-estimating the value of your home and paying more than you need to.
• Pay annually, if you can afford it.
• Increase your voluntary excess; it can be anything between £50 and £900.
• Look into flood resistance measures if you live in a flood risk area.
• Think twice before making a claim; if it’s a minor repair which you can afford then making your own arrangements might be better to protect your no claims discount.
• Inform your insurer of safety measures you have installed at the time of comparing quotes or taking out a policy.