Beat The Broker
Frugality is the name the name of game. As the cost of living in one of today's most expensive society's increases, so does the need for us all to save money wherever possible. A little save here, a little saves there, it all adds up. This article provides the top ten tricks that you can use to cut your home insurance premiums. What can you do to get a better deal on your home insurance than most mortgage brokers could find for you.
1. Research the area you're moving into
If you're moving home it pays to do some research into the area you're moving into. Premiums can fluctuate dramatically within a very small distance - the size of the premium can also indicate how safe the area is.
2. What cover do you need?
It's a basic tip but how much cover do you really need? Some insurance companies will heap on extra benefits as part of your policy and try to sell you upgraded services. Look carefully at what you really need and find a policy that matches your needs exactly, rather than paying for anything extraneous.
3. Shop around
It's easier than ever to buy insurance policies - the Internet has hundreds of information sites like Motley Fool where you can research the different policies that are available, or visit a comparison site where you can search for the product that suits you. Many of the major supermarkets offer home insurance packages, such as ASDA Finance.
4. Buy online
Many insurance providers give a discount (usually around 5%) for buying online.
5. Home security
When you move in change the locks. Most insurers recommend five level mortise locks on external doors and two bolt locks on the windows, while an approved security system could save you over 5%. Other tips include time-switch lights and security lighting - let your insurance provider know what you are doing and ask them to lower your premiums accordingly.
6. Join Neighbourhood Watch
It's a straightforward tip but in many areas joining an approved Neighbourhood Watch scheme has been shown to reduce premiums by up to 5%.
7. Fire
As with security, taking measures to reduce fire risk including smoke alarms and a fire alarm system can reduce premiums significantly. In addition, making sure open fires are protected and any heat source is given adequate ventilation and is not near anything combustible. Once again, inform your provider of the measures you are taking.
8. Don't smoke
Increasingly insurance providers are asking their customers whether they smoke or not - smoking obviously presents a greater risk of fire from discarded cigarettes and unattended ashtrays.
9. Increasing your voluntary excess
The bottom line is that the higher the excess you choose on your policy the lower the premium. By choosing to take a higher voluntary excess you could save up to 20% on your insurance premium.
10. Only claim when you really need to
By only claiming when you really need to you will protect your no claims bonus and keep your premiums lower.
Finally, there's one extra tip that most insurance companies won't want you to have - that is, haggling. There are dozens of insurance providers out there vying for your custom. By shopping around and then haggling you can often get a better deal.
Visit the home insurance section of ASDA's Finance for details of their award winning home insurance service.
