We all want to save a little money wherever we can, and every insurance company would have you believe that that they alone can offer you savings when taking out a policy for your home. It’s a market saturated by attention grabbing deals and enticing offers, so lets go through a few ways that can help you ensure that you get the best possible deal.
Don’t feel pressured
Your mortgage lender will be keen for you to use their own household insurance when trying to secure a contract, and this can be tempting – particularly if you are buying for the first time. Most mortgage companies require home insurance as a mandatory part of their terms, and even though it may seem tempting to get this potentially tricky step out of the way as quickly as possible, it is wise to resist the urge to go along with them for the sake of what needn’t be a big hassle. There could be much better deals out there waiting for you!
Going with the same provider for more than one aspect of your cover could prove to be a good money-saving option. Looking for buildings and contents insurance quotes at the same time may also reduce paperwork, and it is common for insurance companies to reward you for your loyalty.
Setting your excess
When looking for home insurance quotes, you will notice that many providers will have a standard figure allocated as the excess in the event of making a claim. By volunteering to make the level of your policy excess slightly higher than the lowest available option, you should find that your monthly premiums are reduced. This can be a particularly useful approach if you don’t foresee yourself making claims too frequently.
If you are considering putting in a low level insurance claim, it might be worth paying out of your own pocket in order to maintain a record of ‘no claims’. If you manage to keep this going for five years or more, you will be rewarded by significant savings in your premiums – anything up to a third off. If you have already built up a clear record of several years but are yet to see any savings, it is definitely worth considering a switch in provider.
Above all, remember that failing to take out any home insurance could prove to be a very expensive mistake indeed, so make sure that your property is properly covered and be certain that you won’t get caught out!