UK Home Insurance Premium Reductions at Compare Online UK Home Insurance

Premium Reduction Tips

There are a number of factors that influence your UK home insurance premium -and it’s important to know how these affect the way that your premium is loaded. Whilst certain factors aren’t in your control - for example where you live or your previous claims record there are a number of things that you can do to bring your premiums down - some of which can cost you little or nothing to implement.

Opt for a higher voluntary excess - The excess is the first amount of any claim that you are expected to pay. The majority of policies have a compulsory excess - but opt for a higher voluntary excess and watch your premiums drop.
Join a neighbourhood watch scheme - Many insurers offer discounts for membership of a neighbourhood watch scheme. If there’s not one in your area - you might want to think about starting one. Call in at your local police station to get details from the crime prevention officer.
Get a no claims discount - Most (but not all) online home insurers offer a substantial discount if you have a good claims record. If your current insurer doesn’t offer no claims, and you have a number of years claim free, it could be worth your while looking for an online home insurance quote that will recognise your record as you could save as much as 45% on your premiums. If a no claims discount feature exists then you may be able to protect your no claims for a small additional premium. This means you will be able to make a limited number of claims without it affecting your no claims discount, but this facility varies from insurer to insurer.
Make sure your buildings are insured for the right amount - Your buildings insurance premium is based on the cost of rebuilding your house if it is completely destroyed. This is not the same as market value. For example, a flat in a trendy inner city area may cost a small fortune to buy, but will cost significantly less to rebuild. If you insure your property at its market value you’ll be paying for more insurance cover than you need. Your rebuild value also needs to take into account labour costs, as well as any demolition costs. The best way to get an accurate value for rebuild costs is to enlist the help of a chartered surveyor. Check the yellow pages or visit Yell.com for one near you.
Consider consolidating your insurance policies - Many online home insurers offer other insurance products too. Choose to take more than one policy with an insurer and you may qualify for discounts on your premiums.
Ensure you have the right level of cover - Don’t just automatically renew your contents insurance policy each year. Check that the sum insured under your contents insurance is still correct. If you’ve sold some items, or feel that depreciation has affected the value of your contents, you can reduce the value of your contents insurance cover and your premium will be reduced accordingly.