Whether you’re looking at properties for sale in SE24, flats for sale in Bristol or are already a homeowner, you will need home insurance. How do you cut home insurance costs, make sure you’re not paying over the odds but still get the cover you need?
Julie Fisher, head of home insurance at Moneysupermarket.com, said:
The cost of insuring homes in the UK, while decreasing slightly last year, seems to be steadily on the increase again. Despite this, home insurance remains superb value for money. For as little as £0.42 per day, the cost of your daily paper, you can enjoy the peace of mind that your most valuable asset is protected. Unfortunately for consumers, things are forecast to get worse, with the increases we are starting to see come through in prices unlikely to slow in the coming years.”
It’s not just properties for sale in SE24 and flats for sale in Bristol which are being affected by increasing costs. It’s a nationwide issue, with many influencing factors.
Julie Fisher went on to say: “The threat of flooding continues to loom large over many UK properties, and coupled with incidents like the recent spate of riots across the UK, it is clear there are many influencing factors impacting the cost of home insurance – let alone hikes to the cost of raw materials that impact on the rebuild value of a property and therefore buildings insurance. Although it’s doubtful the percentage rise in home insurance premiums will match that of car premiums, I wouldn’t be surprised if we get to double digit percentage increases overall in the near future.”
So, what can you do to beat the rising cost of home insurance?
Here are five ways of keeping your bill down.
You wouldn’t take out a mortgage or car insurance without shopping around, the same applies with home insurance. If you’re looking at properties for sale in SE24 or flats for sale in Bristol, the premiums are going to be different because of the difference in location. There are so many factors which affect home insurance. Don’t just assume most insurers charge the same; they base their premiums on all sorts of criteria. Location is just one.
If There are Two of You, Get Quotes for Both Names
According to lovemoney.com, it pays to play around with your quote as in some cases; the premium differed according to the name of the main policy holder.
Join a Neighbourhood Watch Scheme
Seriously! This is a smart tip from Moneysupermarket.com. You wouldn’t necessarily think that joining a neighbourhood watch scheme could make a dent in home insurance but according to the price comparison site, doing so could knock up to 5% off your bill.
Reduce Theft and Fire Risks
Thisismoney.co.uk recommends taking measures such as fitting alarms to cut home insurance costs. They recommend fitting a burglar alarm and installing time-switch lights and security lighting to reduce risk of theft, along with planting privet hedges under ground floor windows. NACOSS standard alarms can get up to 7.5% discount and approved locks 5%.
Fitting and maintaining smoke alarms is a no-brainer.
Increase Your Excess
Simple. Increase the amount you’re willing to cover for the cost of a claim and your premium will be lower.
Search My Homes Unlimited for a wide range of properties for sale in SE24 and flats for sale in Bristol.
Sources: Moneysupermarket.com, Thisismoney.co.uk, lovemoney.com.