Shop around

Compare quotes from different insurers. You can contact insurers directly or speak to an insurance broker. Comparison websites can help; however, these focus on price and are not necessarily like-for-like. If you use a comparison website, make sure that the detail of the quotation covers everything that you need. Value is about more than just price! Quotes will vary based on what is being insured, and whether you're looking for separate home, contents, or buildings insurance policy or a single policy to cover them all.

Don’t Underinsure

Under-insurance takes place where your insure your property for less than it would cost to rebuild it or replace the contents.

Don’t Overinsure

Overinsurance occurs you insure your home for more than the cost of rebuilding it. This can unnecessarily increase your insurance premium for no extra benefit.

Combine buildings and contents insurance

You don’t have to buy buildings insurance and contents insurance from the same provider, but some companies will offer a discount if you take out the combined cover together. On the other hand, it may be cheaper to buy separate polices from different companies, so it is worth comparing costs to see which option is best for you.

Choose to pay a higher excess

One way to reduce the premium you pay is to agree to take on a certain proportion of the risk by increasing your excess. The excess is the amount of loss borne by the policyholder prior to being able to claim under the policy. If you are in a position to do so, opting to pay a higher excess in the event that you have to make a claim can help reduce your premium.

Increasing or reducing your excess has a direct impact on the price you will be quoted.

When reviewing your policy, speak to your insurer or broker about the impact of various excesses on your premium before you make your final decision.

Protect your home

You will get a better insurance quote if your home is protected by a monitored alarm. This can reduce your premium as most insurers offer a discount if you have one in place. Do bear in mind that a monitored alarm also brings its own maintenance costs, but it does bring enormous peace of mind for homeowners.

Pay your premium in one go

You may qualify for a discount if you are in a position your premium in full at the start of your policy period rather than in monthly instalments.

Maintain your no claims discount

Insurers usually offer discounts to customers who haven’t claimed against their insurance for a certain period of time. Take preventative measures such as insulating your pipes and water tanks to prevent freezing in cold weather and installing proper security devices to avoid having to make a claim. 

Accurately calculate the value of your contents  

Work out exactly how much your possessions are worth. It’s worth spending time to get this figure right. If you overestimate this value your premium will be higher than necessary but if you underestimate it you will not be adequately covered if you have to make a claim.