1. Buy your plan online. If you buy your plan online you can often find that you can get a discount of up to 20% on normal prices as there are lower administration costs involved and the savings made can be passed on to you.
2. Combine your contents and buildings plans. Most insurers will give you a discount when you arrange both types of household insurance with them and this often works out less expensive than purchasing the two plans from different insurance companies.
3. Pay your premiums upfront. Although the vast majority of insurance companies let you pay your premiums monthly many will charge interest for this privilege. Hence, if you can afford to pay a full year’s premium in advance, this will work out less expensive in the longer term.
4. Do not put in claims for small amounts of money. Putting in many small claims might increase your insurance costs because your insurance company might consider you to be a greater risk and increase your premiums. You may also lose any no claims discount which your plan accrued. Naturally, you’re entitled to claim for anything that your plan covers but you should ask yourself whether making a small claim is really worth the trouble and any consequent future increase in costs.
5. Think about taking a high voluntary excess on your plan. Insurance policies feature something which is known as an ‘excess’ and this means that your policy won’t pay out on claims below a certain value. On some policies if you opt to raise your excess your premium payments will be lower.
6. Strengthen security for your property. Strengthening your home security with better window locks, door locks, lighting, and burglar alarm systems will normally result in lower premiums.
7. Consider lowering your cover. Many plans carry benefits that you may not need like cover for personal possessions while traveling or ‘free’ legal advice. Examine your policy and see what parts of it you really need.