Your home is probably the biggest investment you will ever make and your belongings are precious assets you will want to protect. However, with the cost of living and energy bills shooting up, you may be looking at your home insurance and wondering if you’re getting the best value for money.
If you have a mortgage, it is a requirement that buildings insurance is in place; but even if you are lucky enough to own your home outright, not having insurance isn’t very sensible. Should the worse happen you could be left with nothing and be in a far worse financial position.
Don’t gamble on your home insurance
There are useful steps you can take today to help you through challenging times. We have put together some practical tips to help you save money and make sure you’re getting the most for your budget.
1. Combine buildings and contents cover
Buildings and contents cover can be purchased separately or as a combined policy from one insurance provider. If you are a homeowner, you’ll likely need both types of cover, and can save money by taking this out as a combined policy, instead of having separate policies. Additionally, if a claim needs to be made, you will save money by having just one excess payment.
Remember if you’re renting you do not need to take out buildings insurance, as this responsibility is with your landlord.
2. Pay for your insurance annually (if you can)
Once you’ve found a policy that works for you, another way to save money on your home insurance can be to pay for the cost in one lump sum for the whole year, as opposed to paying monthly.
Paying monthly can seem like a better option as it breaks the cost down into manageable chunks, however most insurers will charge more via interest for this service. Paying for the whole year in one go is often the cheapest way to do it if you can afford to do so.
3. Choose an insurer that don’t charge fees for making changes
You are responsible for keeping the information your insurer holds about you up to date – inaccurate information could result in a claim being rejected or not paid in full. When updating your information with your insurer, many will apply a charge for making a MTA (mid-term adjustment).
Don’t be caught off-guard with unexpected charges and check before arranging cover.
4. Make sure your policy includes only what you need
Many insurers will offer a range of additional extras you can add to your policy; from legal costs, home emergency, accidental damage and cover for contents outside the home. These will all come at an extra cost to you, so make sure your home insurance policy only includes what you specifically need, and remove anything unnecessary.
5. Shop around for the best deal
Shopping around to find the best price is advised, however, bear in mind that not all insurance products cover the same things, so when comparing one product with another don’t just consider the price.
Insurance policies can vary with different sections of cover, different sums insured, policy excesses and different terms and conditions.
Choosing where to start can be overwhelming so make sure you do the research or take the advice of a professional broker. Speak to us about your requirements and obtain your free quote to get started.
And finally, don’t forget – Prevention is better than cure…
Keeping your home in tip-top condition is a requirement of your policy, but can also reduce the chances of you needing to make a claim on your policy, and can save you money in the long-term.
There are simple steps you can take to maintain the safety and security of your home and it’s contents, including:
- Insulate your pipes to prevent them freezing and bursting
- Make sure drainpipes and gutters are clear of leaves and other debris
- Get your boiler and other appliances serviced
- Regularly test smoke and carbon monoxide alarms
- Install locks, alarms, cameras or motion detectors to deter burglaries
We hope this article has pointed you in the right direction to help you save money on your home insurance, but remember; accidents do happen. Having a quality insurance policy in place protects your home and belongings in case the worst happens.
At Nest, we believe everyone should have access to the highest quality insurance advice. Whatever your circumstances, let us save you time, stress and money, with a free quote today.
