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How can I reduce my premium?
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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.