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Expert advice on how to save money on home insurance

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July 19, 2022
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You can save money on your home insurance without compromising on cover.

It’s a false economy to scrimp on your cover because if you are underinsured it will only take one big claim to cost you dearly. 

The best way to ensure you have the best cover at the best price is to go for an expert insurance broker such as Adrian Flux. 

Chelsea Shakespeare household underwriting and product development at Adrian Flux explained: “A broker can very often come up with more affordable deals on your cover than one-policy-fits-all price comparison sites.

“And they can remind you about the different elements of cover you may want to consider, such as high value items which may not be covered by a standard policy, away from home cover, and home rebuild costs rather than just a quote for your home’s estimated market value.

“These are all important considerations to help ensure you get the right level of cover at a price that suits your needs.”

save money on home insurance

 11 ideas to help save money on home insurance

  1.  Go to a specialist home insurance broker such as Adrian Flux for the best deals available. If you are shopping around or using a price comparison site to find the best deal, make sure you go to Adrian Flux as well, their specialist trained staff will tailor a policy without compromising on cover.
  2. Don’t just guess your contents figure. Draw up a detailed manifesto of items you have in your home and how much it would cost to replace it. Don’t forget about things that you might otherwise take for granted, such as carpets, clothes and objects you have in storage within the loft.
  3. Increase your voluntary excess — the sum you agree to pay in the event of making a claim — to save money on your home insurance. Your standard excess would normally be around £100 for normal claims, £250 for escape of water and £1,000 for subsidence.  Generally speaking, the higher your excess the cheaper your policy. But be realistic, don’t increase your excess if you can’t afford to pay it.
  4. Security measures will also help save money on home insurance. Five lever mortice deadlocks, key operated window locks and an approved alarm system could all lead to generous discounts on your premium.
  5. If you own lots of high value jewellery invest in a good quality safe and it will eventually pay for itself in terms of savings on your annual premium.
  6. Consider combining your buildings and contents cover with the same insurance company to negotiate a cheaper price. It’s worth comparing the price of getting your buildings and contents cover separately too, so you can make sure you’re getting the best deal. If you are using a broker such as Adrian Flux they can do that for you.
  7. Only insure what needs to be insured. Flat owners, for example, often get confused and double insure because they have a lease rather than a freehold agreement. If you lease you more than likely won’t have to insure the property, just your possessions inside it. Similarly if you rent, your landlord will have insured the building (and possibly some of the white goods, wardrobes etc that have come with the rental agreement) and you only have to worry about cover for your personal possessions.
  8. Be honest about your living arrangements. Even the most complex living situations can be catered for at Adrian Flux. For example – If you have a special long holiday planned. Often people assume they need to insure their property as unoccupied, cancel after the holiday – incur charges and then need to reinsure. Adrian Flux will tailor a policy to suit all needs throughout the year so you don’t incur any cancellation or amendment charges. I you plan to have a single story extension and fit a luxury kitchen or to rent out rooms to lodgers within the year? Be sure to disclose this.
  9. Having the correct fire regulations in some non-standard buildings, such as timber properties, will help save money on home insurance. This could include the need to have a fire blanket in the kitchen, or perhaps smoke alarms.
  10. Pay annually: most insurers will allow you to pay your premium over monthly instalments but it’s almost always more expensive because you’ll be charged an additional admin fee. Pay it all in one go to save money on home insurance.
  11. If you remain claim free you will usually build up a no claims discount which will start paying its way in future years. In some cases this can cut the cost of your household insurance by as much as 50% in five years. With that in mind, think carefully before making a claim, especially if you are making a claim for low-value damage or items.

To talk to an expert about your home insurance needs call 0800 369 8590 or book a call back at a time that suits you. Our best rates are always available over the phone.

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