If you want to reduce the cost of your home insurance, you will as a minimum still need buildings insurance to cover the cost of repairing or rebuilding your home. It is up to you whether you want to also insure the things inside your home, although it could be an expensive gamble if something did go wrong and you were uninsured.
To reduce your premium, there are some things you can do that will not leave you unprotected and that cost little or are free. Firstly, do shop around for your home insurance.
Different companies offer different deals, so you may find big savings. Price comparison websites can be an easy way of looking at lots of providers, and most have simple guidance to help you understand the different levels of cover as well as giving prices for many different companies. It is important that the policy you have meets your needs so do look at the small print before making your decision.
Purchasing your contents and buildings insurance from one company will often get you a cheaper deal. Some insurance companies offer more discounts if you also buy your car and life insurance from them as well as your home insurance. If you raise the voluntary excess on your home insurance policy you will usually get a cheaper premium, but be sensible about what you would really be able to afford if you did need to claim.
Remember the whole point of getting home insurance is to give you financial protection if your house or belongings need to be mended or replaced, so there is little point in buying a really cheap policy that would still leave you financially struggling if there was a house fire for example.
By fitting an approved burglar alarm and getting proper locks you can further reduce your premium. This will also of course reduce the chances of a burglary which is not just expensive but can be very traumatic. If you can afford to pay a one off sum annually rather than in monthly instalments, most insurers will give you a discount.
Lastly, if there is one then make sure you join the local Neighbourhood Watch scheme, this is free and can reduce your home insurance premium. In your attempts to reduce your premium, dont be tempted to lie to your insurer about the condition of your home because otherwise the insurer may not pay out.
