How to save money on your home insurance

Looking for ways to save money on your home insurance? Here are our top tips on how you could reduce the price of your premiums.

Check you have the right amount of home insurance

Overestimating your home insurance means you could end up paying over the odds for your policy. When you take out buildings insurance, it’s likely you’ll want to ensure it covers the cost of rebuilding your home. The rebuild value is the amount it would cost to rebuild your home at the same location if it were completely destroyed by fire, flood or any other insured disaster. If you’ve been mistakenly taking out buildings insurance based on the market value of your home, you might be able to save money on your insurance as the rebuild value could be a lot less. If you don’t know what the rebuild value of your house is, don’t worry. When you start a quote with us, we’ll help you to work it out.

When you take out contents insurance, your insurance provider will want to know the total value of your possessions. Try to be as accurate as you can; if you overestimate, then you’ll end up taking out more insurance than you need, which again could mean you pay a premium that’s too high. If you underestimate, then you could find yourself underinsured and the payout you receive from your insurance provider might not cover the full amount of any loss. Need some help? Read our guide on how to estimate the value of your home contents.

Consider increasing your voluntary excess

Home insurance excess is the amount that you’ll have you to pay if you make a claim on your insurance. It’s usually made up of a compulsory excess and a voluntary excess. Compulsory excess is set by the insurance provider and can’t be changed. Voluntary excess is the amount that you choose to pay in addition to the compulsory excess. Increasing your voluntary excess might help to reduce your home insurance premium, but bear in mind that both types of excess have to be paid if you make a claim, so make sure you can afford the combined total.

Make sure you’re not doubling up on insurance for your possessions

If you’re concerned whether expensive items, such as your laptop, phone or tablet, are insured while you’re out and about, check your home contents insurance. Some home insurance providers offer possessions insurance while outside of the home, which can provide cover if you lose them or they’re stolen. If it’s not included in your policy, it can almost always be added as an optional extra – usually for an additional cost.

But, before you start adding potentially expensive extras to your insurance, check to see whether you have any other policies that already cover those items – it could save you money rather than doubling up on insurance. Maybe your bank account includes cover for your mobile? Or perhaps you took out insurance for your laptop or tablet when you bought them?

Consider installing a security system

Your insurance provider might lower your home insurance premium if an appropriate security system is fitted. However, your provider will take into account several other factors, such as the location of your home, how good the system is, what kind of property it’s protecting and whether the property has been maintained. Be aware, though, that if you install a security system that goes over and above your provider’s basic requirements, the cost of the installation may outweigh any savings you might make on home insurance, although the added security could prevent a theft. Find out more in our guide Are security systems worth it and can they reduce my insurance?

Build up a good no claims discount 

Just like car insurance, if you don’t make a claim on your home insurance, you could be rewarded at renewal time with a reduction in the following year’s premium – this is known as a no claims discount. Your insurance provider could then offer increasing reductions for every consecutive year in which you don’t make a claim, typically up to four or five years (although some insurance providers may take into account more years).

Remember, though, insurance is there to help you with unforeseen events when things go wrong, so don’t be put off making a claim should you feel you need to as that’s what your policy is for.

You can read the finer details in our guide How do no claims discounts work for home insurance?

Buy buildings insurance and contents insurance from the same provider

Buying both your buildings and contents insurance together, from the same insurance provider, could save you money. But don’t assume this is the case; it’s always a good idea to shop around to find the right deal for you.

Pay upfront

Consider paying for your home insurance in one go – if you can afford to. A monthly payment plan can cost more because interest is often charged on the monthly instalments.

Compare home insurance quotes with us

By switching home insurance, you could be saving up to £208.22, like 10% of our customers**. Just use our comparison service and we’ll help you find a good-value deal that offers the right level of cover for you. Start a quote with us today to see how much you could save.

**Based on online independent research by Consumer Intelligence during May 2017. 10% of customers could achieve a saving of up to £208.22 on their Buildings and Contents insurance with comparethemarket.com

Compare home insurance

Get a quote in seconds and start saving

Get a quote