Home insurance protects our belongings and the property itself but it can be expensive. Here are 7 easy ways to save some euro on your home insurance cover.
Perhaps the best way to save money on your home insurance is to shop around every year.
Unfortunately, loyalty often doesn’t pay when it comes to your home insurance policy because many insurers offer discounts to entice new customers.
This means that when your renewal comes you may no longer qualify for the discount you got first time around, making your cover more expensive.
Use your renewal as a prompt to get other quotes to check how it stacks up, and see if you can get a cheaper deal elsewhere.
If you do find a cheaper deal speak to your current insurer and see if they’ll match or beat the price, if they won’t you can cancel and switch to the better deal.
The excess is the amount you have to pay when you make a claim, and it can have a significant impact on the cost of your premium.
While changing your excess could save you money if you don’t need to claim, it does make it more expensive if you do. Always choose an excess you can afford.
Forking out a lump sum upfront for your home insurance might not sound very appealing, but it could make it much cheaper.
Many insurers charge interest if you choose to pay monthly by Direct Debit, meaning you’re essentially borrowing the money from them and paying it back over the rest of the year.
If you can afford to, paying upfront could save you anywhere up to 15-20% each year.
While it’s better to have more cover than not enough, over-insuring your property usually leaves you paying more for your cover than you need to.
There are a couple of areas which are worth double-checking:
Read our guide on how to get the right home insurance cover for more tips on what extras are worth paying extra for.
If you can make your home safer and more secure, you might also be able to bag a discount on your home insurance.
Some of the things that could get you money off your cover include:
However, bear in mind that the cost of installing some of these items could be more than you’ll save on your cover.
Getting your home insurance online is usually the cheapest way to get cover.
This is because it’s a much quicker and cheaper way for insurers to sell you a policy than in person or over the phone.
If you have another insurance policy, you could bag a multi policy discount when you buy home insurance from the same insurer.
For example, if you already have car insurance, you could get up to 15% off the second policy.
Some lenders also offer money off home insurance if you’ve got your mortgage with them, so check for this as well.
It only takes a few minutes to find a cheaper deal and start saving