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Five things you can do to help save money on home insurance


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Don’t over pay for your
home insurance

5 common mistakes


Finding the best home insurance
deal can be a stressful process with so many companies all fighting for
your money and offering so many different options in the cover they
offer. If you are in a hurry it can be tempting just to settle for the
first reasonable deal you find, but this can often be a mistake as many
people then end up over paying for their insurance.

Here are five common mistakes you should be sure
to avoid. Making these mistakes can sometimes lead to families paying
hundreds more than they need to in insurance premiums.


1. Review your contents cover regularly

When you’re busy it can be very tempting to
just renew your insurance policies; however it really is worth
reviewing them every year
.

Many families add named valuable items to
their contents insurance policies and then never remove them. Hi
tech gadgets are something that quickly reduces in price or
sometimes we get new ones and stop using the old ones. As this
happens it becomes less important to keep them insured as named
items and taking them off the insurance policy can save you a lot of
money.


2. Get involved with community schemes

Many insurers will reduce insurance premiums
for households that are members of community groups like
Neighbourhood Watch.

Although for many people these groups can
feel like a big time commitment they can really reduce your
expenditure and also help to make you feel safer. Many people also
really enjoy the opportunity to get to know members of their
community.


3.
Do you need separate insurance policies

Make sure you are not insuring your items
multiple times, when you buy many valuable items such as mobile
phones the sales staff will push additional insurance policies at
you. Often these items would already be covered by your home
insurance, or can be added as a named item for little or no extra
cost.

If you already have a home insurance policy
check to see what it covers before buying any extra insurance.

At the same time, depending on your policy,
some high value items may not be covered, or may not be covered when
you take them outside of the house. These items might be worth
insuring separately, however in any circumstance shop around for
better value policies as ones offered with an item are frequently
not very good value.

It is also worth looking for policies that
cover multiple things, for example many home insurance policies
offer both building and contents insurance which can be lot better
value than having a separate policy for each.

umbrella protecting possessions


4. Be careful what you claim for

Depending on your policy it may not always
be worth claiming for smaller items, particularly if you have big
excess or a good no claims bonus to protect. Before making a
claim always work out the overall value of the claim.

 

If your annual home insurance costs
£400 with an excess of £100 and you have a claim worth £150, after
deducting your excess you will only be due £50;  if by making
this claim you lose 10% no claims bonus (i.e. £40 per annum) is it
actually worth making a claim at all?


5. Invest in home security measures

There are a number of investments you can
make into your property that many insurers will consider when giving
you a quote.

Installing security alarms, shutters and
double glazing can all help bring your insurance costs down.
Although the initial costs can be off putting if viewed as a long
term investment you will often find that these security measures pay
for themselves with the savings you make in other areas, (not just
insurance costs but the insulating effect of these measures can also
reduce your fuel bill): this also helps to make you feel safer.