There are a number of things you can do to cut the cost of your home insurance premium.
Shop around
Compare quotes from different insurers. Contact insurers directly, speak to an insurance broker through the British Insurance Brokers' Association (BIBA), or use a price comparison website to compare premiums. Don’t just accept your current insurance provider’s renewal quote – look around for the best deal each time your policy is up for renewal.
Don’t over-insure
Your insurer may offer you additional cover, such as protection against accidental damage, on top of your basic policy – but your standard policy might cover everything you need so don’t pay for any unnecessary extras.
Combine buildings and contents insurance
You don’t have to buy buildings insurance and contents insurance from the same provider, but some companies will offer a discount if you take out two premiums together. It can work out cheaper to buy separate polices from different companies, so compare costs to see which option is best for you.
Secure your home
Many insurers offer discounts for homes fitted with security devices such as burglar and smoke alarms and high-quality window and door locks. Your insurance provider will tell you which devices they approve. See the ABI's guide on improving your home security (pdf 116kB) for more information.
Choose to pay a higher excess
Your insurer may reduce the price of your premium if you agree to pay a higher excess, that is the first amount of any claim that you must pay.
Pay your premium in one go
You may qualify for a discount if you pay your premium in full at the start of your policy period rather than in monthly instalments.
Maintain your no claims discount
Insurers usually offer discounts to customers who haven’t claimed against their insurance for a certain period of time. Take preventative measures such as insulating your pipes and water tanks to prevent freezing in cold weather and installing proper security devices to avoid having to make a claim.
Accurately calculate the value of your contents
Spend time working out exactly how much your possessions are worth. It’s very important to get this figure right. If you overestimate this value your premium will be higher than necessary. If you underestimate this figure you will not be adequately covered if you have to make a claim.