Home insurance

7 ways to save on home insurance

Home insurance protects our belongings and the property itself but it can be expensive. Here are 7 easy ways to save euros on your home insurance cover.

1. Shop around

When it comes to saving money on your home insurance, avoid simply renewing with your existing insurer out of loyalty. Many insurers offer discounts to attract new customers, so use your renewal as an opportunity to get other quotes and compare prices.

Buying home insurance online is often the most cost-effective method because you can easily compare prices from different insurers and online applications are processed more quickly.

If you find a cheaper deal elsewhere, speak to your current insurer and ask if they can match or beat the price. If not, consider switching to the better deal.

2. Pay upfront

Although forking out a lump sum upfront for your home insurance may seem daunting, it could make your premium cheaper in the long run.

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 pay your premiums annually rather than monthly, you could save you up to 10% each year.

3. Bundle and save

If you have another insurance policy, you could qualify for 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. When your cover is next up for renewal, look out for multi-policy discounts across home, car and pet insurance.

Some lenders also offer money off home insurance if you’ve got your mortgage with them, so check for this as well.

4. Boost security

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:

  • NSAI Approved alarm installation
  • Smoke and carbon monoxide detectors
  • Security locks e.g. specific types of deadlocks

5. Protect from the elements

Poor weather conditions can seriously impact your home’s structure and contents. Adverse weather events like heavy rain and high winds can cause flooding, subsidence, and wind damage.

Improving your home’s weather resistance not only reduces the likelihood of insurance claims but also helps protect your no-claims bonus.

Here are some steps you can take:

  • Regularly inspect and maintain pipes and drainage systems around your property. Proper maintenance can prevent potential foundation issues and minimise risks.
  • Ensure that pipes are properly insulated with lagging, especially during winter. Good insulation reduces the chances of pipes bursting due to freezing temperatures.
  • Consider retrofitting or home upgrades. Upgrading heating and plumbing systems and reinforcing the roof can significantly lower insurance costs. You could also replace old electrical systems and piping to reduce the risk of fire.

The cost of carrying out upgrades or installing security could cost more than you’ll save on your cover initially but will pay off if you don’t intend to move.

6. Only pay for what you need

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:

  1. Do you have the right rebuild cost for your property? This is the amount you’re asked for when you get a buildings insurance quote. The value of your property and it’s rebuild cost aren’t usually the same, so check you’ve got the right figure using a rebuild cost calculator before you get a quote.
  2. Are you paying for extras you don’t need? Insurers offer lots of added extras to increase your cover, but you might not need all of them, so check you haven’t opted into something you don’t need.

Visit our complete guide to home insurance for more tips on what extras are worth paying extra for or to start a home insurance quote.

7. Weigh up the excess

The ‘excess’ is the amount you have to pay when you make a claim, and it can significantly impact the cost of your premium.

Put simply, if you increase the excess, you’ll reduce your premium. If you lower the excess, your premium will increase and you’ll pay more to insure.

While changing your excess could save you money if you don’t need to claim, it does make paying for damage more expensive if you do.

Carefully consider your insurance needs and budget before choosing the excess you’ll pay in the event of a claim.

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