You absolutely need to have a solid home insurance policy to cover for all the things that might happen. But, with all going to plan, you’ll never have to make a claim. This is why you’ll be looking for the most effective cheap home insurance to protect your home without it costing the Earth.
With the many different providers and policies, it can seem like a daunting task to find the cheapest and best policy for your needs.
Don’t settle for the first decent quote you come across, take the time to properly research your options. Start by looking at individual companies websites, and ringing around to get the best quote.
You could consider visiting an insurance broker on the high street, who will do a lot of the legwork involved in finding the right quote. Be aware that going down this route will limit you to the insurance companies that they work with personally.
You can quickly compare different insurance policies from most providers on comparison websites, but it is worth checking with the individual companies to see that they are showing the very best deals. Many companies offer better quotes to people coming direct.
Pay attention to auto-renewal
You might already have a provider and that provider makes everything easy by automatically renewing your policy for you! How kind. But this is one way that providers retain customers while ramping up premiums over time. They rely on convenience and customers not paying attention. Look at your renewal date and use the time to find a better deal – you might even be able to get your current insurer to match it.
Combine building and content insurance
There’s a high chance that you’ll also be insuring the contents of your home as well as the building itself. A great way to get cheap home insurance is to combine both in the same policy. Many providers offer significant savings when purchasing them together. This can also make things a lot more convenient for you, to deal with one policy from one company.
Don’t pay for what you don’t need
It’s an insurers job to sell you as much as they can and you’ll be offered a whole heap of optional extras when buying home insurance.
Packaging many different types of insurance into one policy can be confusing and can be worse value than buying separate products. Consider carefully what you need to insurance and don’t get led into purchasing extras that have very little value to your life and possessions.
Also, pay close attention to administration charges which can be one of the most costly hidden expenses of home insurance.
It might be all you can afford but paying monthly is almost always more expensive in the long run. Paying for the year, all in one lump sum is one what to get cheaper home insurance. The savings can be so great that it is worth looking at all the financial options available to you to be able to pay in this manner.
Look at all this stuff carefully. Many people over-estimate the cost of rebuilding their home, whilst undervaluing the value of its contents. There are many online services that will help you get an accurate value of your contents, and you should also seek out the rebuild calculator supplied by the Building Cost Information Service (BCIS).
The amount that you agree to pay towards a claim in addition to the compulsory excess set by the insurer is called ‘voluntary excess’ and increasing this will help you receive a much lower insurance premium.
Although this is a guaranteed way to get cheap home insurance you do need to make absolutely sure you can afford to pay the agreed excess amount in the event of needing to make a claim.
Consider your no claims discount
If you’ve never made a claim, you’ll get cheap home insurance through a no claims discount when you renew. If your thinking of making a small claim for something easily and cheaply fixed, it is worth reconsidering to maintain your no claims discount.
Which is going to be the most financially beneficial in the long run? This also means that it is worthwhile to consider the maintenance and security of your home.
Improve your home’s security and keep on top of maintenance
Of course, you can plan for, and prevent everything but there are many things you can do to increase your chances of never having to make a claim.
You should fit at least one smoke alarm on every floor of your property. This is an essential step in protecting your home and your family. It is also something that insurers will take into consideration if there is ever need to pay out.
They will also factor in whether, or not, your property has adequate security. Things like approved locks, locks on windows, burglar alarms and security lighting will all reflect positively with the insurer. These steps will also reduce the chance of your property falling foul of crime.
All those jobs that you have been putting off may help with cheap home insurance. Burst pipes in winter are a common claim, so getting those pipes insulated is a positive move. Monitoring things like roof tiles, guttering and windows can all help you prevent damage that can lead to a massive claim in future.
When looking at home improvements contact your insurer first to see if that work will affect your policy in any way.
These six tips will help you reduce the chance of needing to make a claim and will put you in a positive position when it comes to getting cheap home insurance.