Ways to save on your house insurance

With the credit crunch forcing us all to watch every penny, it may seem like a sensible option to cut back on insurances and hope for the best. But could you afford to replace your precious household items if the worst was to happen? For most people this would be unthinkable.

There are so many ways to cut back on house and contents insurances without having to cut back on the amount you are covered for. Just a few simple steps could ensure that you can have your cake and be able to afford it!

Shop around

Nearly 50% of people in the UK fail to check other insurers when their policy comes up for renewal. Many simply accept their previous insurers new premium and carry on as before. This may seem like the easy option but it is rarely the cheapest. In fact by simply checking with one comparison site (eg: Confused.com) you could save an average of £180 every year.
Remember that most insurers will offer special deals to new customers only, so being a loyal customer gets you nowhere fast! If you think that your current insurer offered you a good deal when you first signed up, chances are that now they are offering a pretty raw deal.

Increase your excess

Simply increasing your excess by £250 could save you around £85 a year on a home insurance premium. It is a matter of weighing up if you would be willing to part with up to £500 in excess on a single claim, if it came to it. But for peace of mind in the event of a flood or fire then this option is worthwhile.

Check your house value

Most house cover is based on the rebuild cost of your home. This may have been worked out many years ago and may no longer be relevant to today's new construction methods. For around £100 a valuer will be able to offer a more accurate rebuild cost and this could substantially lower your insurance premiums. A difference of £50,000 could save more than £75 a year. Some insurers will offer this revaluation for free if you take out their insurance.

Update your security

Make sure your property has good locks on windows and doors and security lights. Installing an intruder alarm can reduce contents insurance and having a fire alarm is known to lower premiums. It is essential however that you are accurate and truthful about the security of your house. Any insurer will work hard to avoid paying a claim. So stick to the facts.

Just these few items could reduce your yearly bill by more than £200 which multiplied over many years is more than worthwhile. Take the same steps with your car insurance and you could double that.
Don't be complacent when it comes to insurance and do your homework. You could be enjoying an extra few pounds and great peace of mind.