Our top tips for finding affordable home insurance
It may be worth looking for an insurance company that is tailored to your own needs. Usually, a niche insurer will have negotiated special rates for customers in situations they specialise in to ensure they are competitive.
For example, we, as an Over 50s home insurance specialist have negotiated with our insurers to include up to 10% rating off the cost of our home insurance if you are retired, and those who are approaching retirement age.
There are several reasons why retirees may have more success finding cheap home insurance than their younger counterparts, but below are a few examples.
- Retired people tend to have less of a structured lifestyle than that of a 9-5 worker, which makes retirees a more difficult target for burglars.
- Being at the property more often means you are more likely to discover an incident more quickly. For example, if a pipe burst while you were at home, you would be able to switch your water off and reduce the damage caused and the cost of a claim.
- Owning a home for a number of years will mean that you have more knowledge about home maintenance, so you’re more likely to take practical steps to help reduce the likelihood of an incident happening.
- Usually grouped with other people who are less likely to claim so you could benefit from cheaper home insurance.
Most insurance policies have a standard excess included on most policies, which means you will need to contribute to any claim you make. For example, our excesses start from £75.
If you have had insurance for many years and have never needed to make a claim, you may want to consider adding a voluntary excess. This is an additional monetary amount you offer to pay in the event of a claim that can usually make your insurance premium cheaper.
Adding a voluntary excess is a good way to bring your premium down, but make sure you consider carefully that the total excess you would need to pay is affordable in the event you may need to make a claim.
Improving your security can increase your chances of enjoying cheap home insurance
Having adequate security in place is a good idea because not only can it keep you and your possessions safe, but it can also reduce your insurance costs.
The minimum lengths you should go to protect your home is ensuring the locks on your doors are working correctly, and are being used at night and when there is nobody at home.
To help further potentially reduce your premiums, you may want to consider going further than this. Installing a burglar alarm is one way that can make your insurance cheaper, especially if you have valuables in the home that you want covered. Your insurer may even make it a requirement that you have a burglar alarm if you have a significant amount of expensive items in your house.
Simply being a part of a neighbourhood watch scheme can indirectly help keep your insurance down, as taking steps to reduce the risk of your home being burgled can help prevent the need to make a claim.
Try not to claim unless you need to
Losing your no claims discount can in some cases have a significant impact on your premium. If you intend to claim for a small loss, you may want to consider whether it is worth it in the long run because claiming may end up costing you more in the long run, after having paid an excess and increases in your premium.
Can I have cheap home insurance even after making a claim?
Suffering a loss and needing to make a claim can result in the loss of your no claims discount which could increase your premium. However, we do work with our insurer partners to regularly review how we can keep our premiums competitive regardless of claims history.
Of course, the cost of your home insurance does also depend on your personal circumstances such as where you live, how many bedrooms are in the property and whether you require cover for additional items such as jewellery.