We all love to save money wherever we can, but did you know that you may be paying a lot more for your insurance policies than you should be? Even after being with a particular insurer for years and accumulating a substantial no-claims bonus, a better deal can still often be secured elsewhere. All it takes is research and a few little enquiries could save you a lot.

It pays to shop around

You should regularly check other companies for cheaper premiums, especially once you’ve reached the landmark age of 50. Whenever you have to pay for insurance, companies look at the level of risk associated with you claiming, and as you get older, that risk tends to reduce leading to cheaper cover.

In addition, there are other ways you can further reduce your insurance premiums; and looking at home insurance, we’ve come up with 5 ways to ensure that you pay as little as you can without compromising your cover.

When you’re spoilt for choice, choose the right provider

First and foremost, if you’re of a particular age, ensure that you choose an insurance provider that has policies tailored for you and your needs. For example, if you’re over the age of 50, you’ll be in a position where security will be a high priority, and you’ll be less likely to take as many risks. As a result, you should be rewarded with a premium that’s significantly reduced. Using a specific age related provider can really help in this regard.

Choose the right cover

You need to choose cover based on your needs. Many people deliberately under-insure, to help achieve a smaller premium. This can be short sighted, as it could render your policy entirely useless when you go to make a claim. Likewise, being overly cautious will mean that you pay far more than is strictly necessary. Calculate exactly what needs to be insured in your home and choose the right level of cover to suit. This will help prevent you from paying over the odds.

Enhanced Security pays dividends

Look to improve the security around your home. This demonstrates to the insurance company that you’re less likely to claim, as your home will be safer and more secure – reducing the threat of burglary or other criminal damage. So what things should you consider undertaking? Firstly, check with your insurance provider, as they usually have a list of recommendations to help reduce home insurance premiums. Secondly, consider the essentials:  recommended burglar alarms, double bolted locks on all doors and windows, plus fitting security lights.

Join the Neighbourhood Watch

In a similar vein, joining the neighbourhood watch scheme could possibly reduce your premiums. Why? Because it shows that you’re serious about security and highly vigilant of thieves and offenders. If you’re more aware of the threat of burglary, then you’re more inclined to prevent it from happening. As a result, the risk of you claiming on your insurance could be significantly less.

Use the same provider for both your contents and buildings cover

There is often confusion over whether or not having the same insurance provider for your buildings and contents cover will help you save money. Much depends on your individual circumstances and your insurance provider. But it makes sense to check because it’s possible you could make savings. When you do choose the same provider for both buildings and contents cover, you could be rewarded in terms of extras or a slightly reduced premium, so it’s definitely worth considering.

There are plenty of other ways you can ensure that you don’t pay over the odds for your home insurance. The above tips give you a good starting point for enjoying additional savings.