How To Lower Your Home Insurance Premium
With so many insurance companies to choose from it is always a good idea to check the market for special offers and 1st time buyers premium deals at the time of purchasing or renewing your home insurance policy. Why stick with the same insurer if you can get the same deal only cheaper somewhere else?
However, when it comes to home insurance some insurers have a steadfast way of working out the premium for your area. It may be that the particular type of property you own and the postcode in which your home falls under has a huge impact on the insurer’s perception of a ‘high risk’ area. Also if you have had the need to claim on your insurance policy, you can bet that at the time of renewal your premium will be slightly elevated.
Although there is little we can do to convince insurers of the security of our neighbourhood, we can fulfil certain criteria which in turn may just lower the premium we pay.
Perhaps the most obvious technique to use when it comes to lowering that monthly premium is the installation of a burglar alarm, fitted by a company registered with the National Approval Council for Security Systems. This is the most effective measure to take in an attempt to deter theft and vandalism.
Fitting extra locks to windows and doors can also be both beneficial and favourable to an insurer. The Association of British Insurers (ABI) recommends that all exterior doors are fitted with deadlocks that can only be opened by key. They must of course conform to British Standard regulations. Interior doors should be fitted with bolts and patio doors which can be vulnerable targets must have an additional security lock fitted.
By increasing the excess you’d be prepared to pay should you need to make a claim, you can in fact lower the monthly premium.
If you have not claimed on your insurance you are credited with a no-claims bonus at the end of each year. Many companies reduce your premium at the time of renewal or if you are thinking about switching insurers a discount is sometimes offered in relation to the total number of years with no-claims you have build up. In fact, in today’s market many companies offers attractive deals to draw in new customers with as little as 1 year no-claims.
Always make sure you understand what exactly you are covered against and be certain it is an appropriate option. A household with non-smokers, no children and/or pets may be able to reduce their premium by refraining from taking out any cover against accidental damage.
Find out of there is a Neighbourhood watch scheme in your area and if not ask your local police to advice you on how you set on up. These schemes always prove favourable with insurance companies.
Most importantly do shop around. Here at the MoneyOutlet you can compare over 20 of the UKs Top Home Insurance Providers instantly. You could save up to £300 today. It takes less than 2 minutes to apply for your free, no obligation quote.
The market is very competitive and adverts are seen all the time both on TV and online. In fact, buying your insurance online could afford you a further discount and don’t be shy to ask if the lowest quote you have found can be matched. Apply now at the MoneyOutlet and Save!
Published on September 20, 2007
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