Ways to cut your home insurance costs

No-one likes to spend more than they need to on home insurance.

Here are some of the many ways you can cut your home insurance costs without putting your home, and its contents, at risk.

1.Increase the amount of money you are prepared to pay as excess. Many people only agree to pay the minimum amount of excess in the event of a claim, but you could save up to 25% of your annual premium if you are willing to increase this amount. Most homeowners only claim for larger losses anyway so the annual benefits of having cheaper home insurance may outweigh the costs of increasing your excess. 

2. Consider insuring your car, second home or business with the same provider as your home insurance. By using the same insurance broker you can save between 10 and 20 percent on each policy. Castle Cover also provides car, travel and pet insurance.

3. Ensure you have a good credit rating. If your credit rating is bad you could face higher premiums.

4. Check that you are receiving all the discounts you are eligible for. For example if you are over 50 you may get a better deal on your home insurance because you are considered a lower risk. You may also receive discounts if you have installed smoke detectors, deadbolt locks, security or fire alarm systems or have fire extinguishers in your home. Castle Cover offers up to 20% discount for home security measures.

5. Don't buy insurance coverage you don't need... for example there is no need to include an allowance for expensive jewellery or IT equipment if you don't have any.

6. Keep your policy up to date and let your insurers know if anything changes... for example your children leave home or you have extended your property, or made significant changes to it. 

7. Use price comparison websites to find the best deal and approach your home insurance company to see if they can match it. Many people successfully manage to negotiate reductions this way without moving providers. However be careful to compare like for like.

8. You should be able to get discounts if you have been with your insurer for several years. Typically you should receive a 5% discount for three to five years with the same company and 10% for six years or more.

Of course one way you could cut the costs of your home insurance is to skimp on the level or extent of coverage you pay for but this is not recommended. It will cost you far more in the long run if you have not adequately insured your home.

Castle Cover is one of the few insurance brokers in the country which specialises in providing cover for the over 50s. Our home insurance policies include new for old replacement of damaged goods, 24 hour domestic emergency and legal help-lines, and all our call centres are based in the UK. 

Go to Castle Cover Online