Image courtesy of mariejirousek

Most people will have home insurance, whether that is just for contents, for the buildings or for both. Each year home insurance will rise and this can mean that it can be a burden for some people. It can sometimes feel like it is an expense that you would rather not pay or feel like you would not pay if you had a choice. However, there are some ways that you can save money on the cost of home insurance, which should make it easier to manage the cost of it.

Comparing the costs between insurers can be the best way to save money. You could find that if you switch to a different insurance company then you could save a significant amount of money. You do need to make sure though, that you are getting a like for like quotation. Some insurance policies will include certain things and others may not and you need to make sure that you are comparing them properly. Also check what options you have on your current insurance and whether you really want them. For example you will pay more for accidental cover, for insuring items outside of the home and for legal help and you may decide that you do not need these and would rather pay less. It is worth thinking through the consequences of these options though and what may happen if you decide not to have the cover.

There are certain things which can reduce the price of your insurance. Having the right sorts of locks on your doors and windows, smoke alarms and living in a neighbourhood watch area can all reduce the cost of your insurance. Although making changes to doors and windows and installing smoke alarms can be expensive, if you are making changes anyway, just make sure that the items you do get will fulfil the requirements of the insurance company and you should be able to save money. It is worth checking whether installing a burglar alarm will reduce your premium as well, it may not so check first.

Always make sure that the information that the insurance company has is correct. If it is not it could change the price of the premium. Do make sure you are honest though and if it is found that you have not been then they may not pay out in the case of a claim.

When you claim, do make sure that it is worth it. Insurance premiums are lower for those people who have not made a claim and therefore you should only claim if you really need to. If the items you want to claim for are of a low value, then it is probably better to replace them yourself than make a claim as by claiming, your premiums will go up and they will stay high for a number of years.

It is worth negotiating if you do not want to switch insurer. Get some like for like quotes and then explain to your insurer that you do not want to move but as there are better deals it is tempting and can they do anything to give you an incentive to stay with them. It is always worth a go!