Home Insurance: 10 Ways to Cut the Cost of Cover

Bird houseShop Around To get the best policy at the best price you need to do a little homework. Comparison websites are a good start, but some providers refuse to pay the commission and won’t sign-up, which means you need to broaden your search. Better still save yourself the bother and get a trusted broker to do all the hard work for you. Quoteline Direct has been in the business for half a century and we’ve got access to some seriously competitive policies that are hard to beat.

Guaranteed Savings Most money saving tips don’t come with a guarantee, but at Quoteline Direct we like to do things differently. We guarantee to beat your current home insurance renewal premium (based on like for like cover) by at least 10% and hopefully a whole lot more.

Auto Renewal We are brought up to believe that ‘loyalty counts’, but it isn’t always the case in the financial services sector. In fact, the opposite is often true with insurers using low introductory rates to win new business. Statistics show that customers who ‘auto renew’ tend to pay a higher price and would be much better-off switching providers. At Quoteline Direct we keep a very close eye on the market and you can be sure that when it comes to renewal; you’ll get the best priced policy from our panel of providers.

Bespoke Quotes As a rule of thumb you can expect a tailored policy to provide a ‘better fit’ than an off-the-peg policy, and you won’t waste a penny on unnecessary benefits that you don’t really need. However, don’t write-off pre-packaged policies as bulk buying and low overheads can mean competitive cover. The trick is to get quotes for both types of policy and see which works out the cheapest.

Combined Cover Buying combined buildings and contents insurance, rather than two separate policies, could save you as much as 40% and a single policy is much easier to manage. 

No Claims Discount Careful homeowners can earn substantial discounts by building-up their NCD. By taking simple steps to improve your home security, and making sure your property is well-maintained, you can seriously reduce the chances of making a claim. Besides burglary the most common home insurance claims are for water damage caused by burst pipes (get them lagged) and fire damage caused by wonky wiring (get it checked and fit a smoke alarm).

Property Prices You’d be surprised at how often homeowners confuse the ‘rebuild value’ of their property with the ‘market value’. The overall sum insured is designed to cover the cost of rebuilding the property to the original specification; which tends to be significantly lower than the market value. If you are in any doubt check your surveyor’s report or use the free ABI building rebuild cost calculator.

Contents Count Don’t make the mistake of ‘guesstimating’ the value of your contents or you could be left out of pocket. Figures show that a quarter of homeowners have underinsured their contents which means over 6million homes are at risk. Think of ‘contents’ as everything that you would take if you moved home and methodically work your way through each room adding-up the replacement value of your possessions. It’s also a good idea to take photos to help support any insurance claims.

Added Security Taking simple security steps can make a big difference to your premiums and most measures will quickly pay for themselves. Fitting approved door and window locks has the biggest impact, but even joining your local Neighbourhood Watch scheme could be financially worthwhile.

Specialist Providers If there’s anything that could be described as ‘unusual’ or ‘non-standard’ about your property; you’ll probably need specialist cover. Standard providers aren’t interested in taking the risk and charge prohibitively high premiums, so use a specialist home insurance broker instead. Non-standard properties commonly include: listed buildings, thatched or flat roofs, properties in flood risk areas and properties with a history of subsidence or heave.




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