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How can I reduce my premium?

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.
  • Slim down your cover to suit your needs; do you really need to take out accidental damage cover, legal cover, home emergency cover and lost key cover?
  • 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.
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