Saving cash on your home insurance

One of the first things that insurers will take into account when deciding how much to quote you for any type of insurance is your no claims history. Customers with an impeccable no claims record are usually in line for a fairly substantial no claims discount. Another factor that they take into account is your lifestyle and work habits. For instance, if you plan to leave your property for more than a month at a time, say to live in a holiday home abroad, you will have to let your insurer know about this ahead of time, or you may be breaking the terms of your policy. Similarly, if you regularly leave your property unattended for work or social reasons, you may well have to pay more to insure your property than someone who is at home more of the time.

However, there are several things that you can do to cut the cost of your home insurance. You could agree to pay a percentage of any claim that you make – a figure known as the excess, and this may allow you to make substantial savings on your premium. Also, upgrading the safety and security of your home by installing burglar and smoke alarms, upgrading your locks and adding security features such as CCTV can allow you to make substantial savings on your premium. If you live in an area that is considered to be at risk from flooding, installing protective anti-flood measures can also seriously reduce your insurance quote.

You may find that you are able to save money by getting your buildings and contents insurance from the same provider. And many firms, such as Kwik Fit Insurance, offer discounts for purchasing online (check their website for more info on home insurance). However, it’s always worth shopping around, as you may be able to get cheaper cover from separate providers in some circumstances. In particular, price comparison websites can be great for getting quotes from a lot of different providers based on one set of data.

One of the biggest influences on the size of your home insurance quote is, believe it or not, your postcode. Insurance companies have access to a database listing every postcode in the country with a value attached correlating to the relative risk to the insurer of insuring a property in that area. Factors such as the risk of subsidence, the crime level in your area, the risk of flooding, and the number of claims made by other residents in the past, can all affect this rating. Although there may not be a lot you can do about this, it is important to bear in mind when buying a property.