Most of us will have some sort of home insurance. It can be expensive though and you may even be tempted not to have any at all because of the cost of it. However, it can be better to see if you can find ways to reduce the cost of the insurance rather than go without it at all. Then you will have the peace of mind of knowing that you have the cover without having to pay so much money. There are a few things that you can try.
Changing the company that you are insured with can reduce the premium that you are paying. There are often cheaper companies that you can use. It is worth being careful though as you will need to be sure that you are getting the same cover with a cheaper premium. Make sure that you are aware of what you are being covered for currently and then when you look for a quote from someone else, make sure that they will cover you for the same things. It can also be worth finding out a bit about the insurer and how good they are at paying out if you make a claim.
Negotiate with Current Insurer
Some people do not like the idea of using a different insurer. This could be because they do not trust other insurers or they think that it will be too difficult to swap. Although there are many trustworthy insurers out there and it is not hard to swap, if you are not prepared to then you may be able to pay less even with staying with your current insurer. If you give them a call and ask them if they can reduce the amount that you are paying, they may just do so. Many will just do it when asked, you do not even have to threaten to leave or explain that you have seen cheaper quotes elsewhere, although having details of a cheaper quote could be useful.
The excess is the amount of money that you will have to pay when you make a claim. Most insurance companies will say that they will only pay out money if you pay the first £100. This means that you will not make claims for lots of little amounts. The amount of money they ask you to pay will vary and if you ask them, they may raise it and this could save you money. Do make sure that it is an amount that you can afford though. For example, if the excess is £500 and you need a repair that costs £600 then you will only be able to claim £100 towards it. So, the amount that you can afford it to be will depend on how much you think you will be able to afford.
It is also worth checking with your insurer what you are covered for. Sometimes you can change what you are covered for and change the cost. For example, you might be covered for accidental damage and if you take this away it could be cheaper. There may also be the option of having legal cover which you could go without to lower the price. It is worth discussing this with your insurer so you can carefully decide whether you think these things are worth having or not. For example, you may want to take away cover for items that you take out of the house as you may not take anything out of the house. So, make sure that you find out whether you use everything that you are covered for and if not, whether you can reduce the cover.