How to cut the cost of your home insurance

Now more than ever, it’s important to save as much as possible on household bills, and when it comes to home insurance, there are plenty of ways you can save money, from how you pay for it to the finer details of your cover.

Shop around for your home insurance

First things first, don’t just fall for the auto-renewal trap. Make sure you compare the various home insurance policies on the market. There are plenty of options when it comes to cover, but a quick Google or search on a price comparison website, like MoneySuperMarket Home Insurance, Compare the Market Home Insurance or – Home Insurance, will help you find the best one for you.

Remember that price isn’t the only important factor, though. You need to make sure you’ve got the right cover for your needs should you ever need it.

Pay for home insurance annually

Most people choose to pay for their home insurance monthly, but this isn’t usually the cheapest way. If you’ve got the funds available, paying for your home insurance annually will help you save on fees and interest.

Try combining buildings and contents cover

Do you need both buildings and contents cover? If so, it might be cheapest to buy both together in one policy as many insurers offer discounts for taking out both policies with them.

It also simplifies things when it comes to admin, as you’ll only need to look after one renewal when the time comes or deal with one insurer if you’re making a claim for something that’s affected your property as well as its contents.

Check the details of your home insurance cover carefully

One way to save money on home insurance is to make sure you only pay for the cover you need, by accurately declaring your rebuild and content costs. If you overestimate, you’ll end up paying more than you need to.

Another way to reduce the cost of your home insurance is to increase your voluntary excess (the amount you’ll pay towards a claim in addition to the compulsory excess your insurer sets). Be careful, because if you do need to make a claim, you need to be able to afford to pay this amount. If you can though, and you’re willing to take slightly more risk, the cost of your premium might come down.

Finally, when purchasing your home insurance, make sure you think carefully about all the add-ons you’re offered, as you might not need them all.

Build up your home insurance no-claims discount

Another way you can reduce your home insurance costs over time is to build up your no-claims discount by simply not making a claim for a prolonged period. So, if you find yourself needing to make a small claim, consider if it’s really worth it, as the more years of no claims that you build up, the cheaper your premium will be.

Home security and safety measures

You might find that taking actions to make your home more secure, such as installing alarms, locks, safes, security lighting and CCTV, will bring your premium down (as well as genuinely making your home safer and less likely to be a target for burglars).

Similarly, maintenance such as fireproofing and insulating your water pipes to stop them from freezing in winter, will all make your home safer and could bring down your home insurance bills.

These are just a few tips that you can use to ensure you get the home insurance policy that’s right for you – and avoid paying more than you need to for it.

What’s better than saving money on your home insurance?

The answer? Saving money on your home insurance AND doing something for a good cause close to your heart at the same time. With easyfundraising, all you need to do is start your online shopping with us, then shop as normal, and our retail partners will accompany your purchase with a small donation to your chosen good causes.