15 clever tricks to cut the cost of your home insurance
The average home insurance quote has soared by more than a quarter in the past year – the highest increase seen by insurance expert Consumer Intelligence since it started tracking prices in 2014. A typical homeowner will now spend £329 a year insuring their property, according to the Association of British Insurers.
Shopping around tends to be the best way to cut your costs. There are also a number of nifty tricks that can drive the price down further still. Here are our top 15…
When you make an insurance claim, you normally have to cover the first portion – known as the excess – and your insurer takes care of the rest. However, to lower your premiums, you can voluntarily raise the excess, which means that if you claim, you will have to pay more yourself.
For example, increasing your excess from zero to £400 could cut your premium by 25 per cent.
Helen Phipps, home insurance expert at Compare The Market, says: ‘You’ll have to pay both the standard excess and any voluntary excess you add if you make a claim, so make sure you can afford the combined total.’
Insurers often give you the option to add extras to your policy, including emergency cover. Consider whether you really need these add-ons, says Ceri McMillan, insurance expert at Go Compare.
‘Make sure you aren’t falling into the trap of paying for unnecessary optional extras,’ she says. ‘The best policy for you is the one that offers you the cover you need at a price you can afford.’
Emergency home protection can add approximately £40 to your annual insurance bill, while accidental damage protection can increase your premium by around 10 per cent, according to Peter Smits, of insurance broker Ashbourne Insurance.
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