How to find the right home insurance

Home insurance2

Home insurance is a necessity for homeowners. It protects you from events that damage your home or your belongings, from fires to theft.

There are two kinds of home insurance; building insurance covers the structure and permanent fittings, while contents insurance protects your belongings. These can be bought in a single policy together, or separately. 

Just because your house is a new build, doesn’t mean it isn’t as vulnerable to damage as any other. Home insurance gives you immediate help and protection from sudden unexpected events beyond your control. If you’ve bought your new build with a mortgage, your lender will require you to take out building’s insurance.

If you want to save money on your home insurance, there are various things you can do to find the best deal on home insurance or bring the cost of your existing home insurance down.

Finding the best home insurance deal

Shop around for the best deal

There are so many companies offering home insurance that it can be difficult to know where to start. Price comparison websites like Compare the Market compare home insurance deals from a huge range of providers to help you find the best deal easily. You can input information about your home and contents and choose the plan that fits your needs at the best value. 

Increase your excess

One way to save money on the cost of your home insurance is to increase your excess. This means you’ll have to pay out more should you need to claim, but your monthly bill will be much cheaper. Increasing your excess can save money but it isn’t without risk, as you will need to pay out more if you need to make a claim.

Don’t under-insure your contents

It pays to be thorough when insuring your home. Estimating the value of your contents wrongly could leave you out of pocket if you ever need to make a claim.

Many people only consider their valuables such as jewellery and appliances, without thinking how much it would cost them to get a new sofa or to replace all their crockery and kitchenware. Although these items are unlikely to be stolen by burglars, in a fire or a flood they could be destroyed.

To make an accurate assessment of your home contents, go from room to room making a list of all your possessions. Estimate how much each is worth and add up the cost to get your estimate.

Don’t over-insure your building

A lot of people wrongly assume that they must insure their house for its purchase value, but buildings insurance only requires you to insure the cost of rebuilding the property – which is likely to be considerably less than what you paid for it!

Look into all cover options

The majority of homeowners opt for a combined policy – both contents and building insurance with the same provider. This is often the cheapest and most convenient option. However, it is sometimes possible to find separate insurance providers offering better deals for the two separate policies. This might require more researching and management on your end, but the savings could be worth it!

Bring the cost of your existing insurance down

Build up your no-claims discount

If you don’t make any claims on your policy, you can build up a no-claims discount over the years.

Improve your home security

From installing a burglar alarm to getting better locks fitted and installing home CCTV, there are many ways you can improve your home security to bring the cost of your home insurance down. Plus, you and your family will feel more secure.

Fire-proof your home

Installing smoke alarms at home isn’t just an important safety measure in any home, it also helps to reduce the cost of your home insurance as a fire is less likely to break out unnoticed.

Insulate water pipes

Burst water pipes in winter can cause misery for home owners. Secure your home from the risk by insulating pipes and reduce your insurance premiums in the process!