5 Tips For Cheaper Home Insurance

Home insurance is a basic term for two different types of insurance policy. Buildings insurance to cover the construction of your property and home contents insurance to protect your valuables and other household objects.

The problem is that not all home insurance policies are created equal making it difficult to compare like with like. The areas and level of cover provided vary from policy to policy along with the premiums. So having a definite idea of what you need to insure and for how much will help minimise the overall time and money spent buying it.

TIP 1: Cut the risk, cut the cost

All insurance policies protect against the risk of financial loss. So to cut the cost, cut the risk to the insurer and you'll get a lower premium. To give you an idea, here's a quick summary of the most effective tactics...

. Contact your home insurance company or local neighbourhood watch scheme and they will send you a list of steps to make your house more secure and less likely to be targeted by thieves.

. Fit locks to all windows and level 5 (BS3621) mortise deadlocks locks to the doors. Most insurance companies will give you up to 10% off your home contents insurance if you have these kind of locks fitted around your house.

. Having a good alarm fitted by a recognised alarm fitter, which your insurance company can recommend, can give you up to 10% off your policy. Bear in mind that these are expensive alarms which require an annual check up.

. Higher policy excess. You will usually have to pay the first £50 of any insurance claim, but if you're willing to pay more then, your premium will fall now.

. Neighbourhood watch schemes. Some home insurers offer discounts if you live in a neighbourhood watch area; however this is less common.