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Slash Home Insurance Costs For New Year
By Alex Gregory

The year 2009 has arrived and for many of us that will mean setting a host of New Year’s resolutions. One of the most common is to get our finances in order - whether we aim to end the year debt free, or simply to save more cash. However, while many focus on repaying credit card and loan debts, switching a mortgage or cutting energy costs, many overlook one of the simplest ways to save - via their insurance products.

In particular, is one of the easiest ways to reduce your outgoings. Most of us take out a policy when we first buy a home in order to protect our assets but then simply stick with the same provider year in, year out, regardless of annual renewal increases.

Home insurance providers typically offer their best deals to new consumers because they are aware of the inertia that exists within the insurance industry. They know that the majority of consumers simply don’t bother to move to another deal or fall into the trap of thinking that the switching process is too complicated. In reality, it needn’t be - most insurers have dedicated teams in place to help you move to a new contract quickly and easily.

If you’re halfway through a contract with a provider then it may not be the best time to change as many will charge penalty fees for ending a deal early - sometimes this could be the equivalent of sticking with the insurer for the remainder of the contract. However, if your policy is coming to an end then now is the time to shop around and see what else is available.

How to find a better deal

If you haven’t changed provider for sometime, then see what else is available to you. You don’t have to cancel an existing contract to shop around - so get online and compare as many deals as you can.

Most providers offer their best deals to new customers in an attempt to attract new business - hoping that once you sign up you will be loyal for years to come. They also offer their best deals through the internet where overheads are generally lower.

You don’t have to look around a variety of providers’ websites however - you simply need to take advantage of one or more of the many comparison websites online. With these websites you simply input your

details - such as the type of house you live in, its estimated value, the value of your contents, the policy features you require - and it will do the searching for you, comparing quotes from as many as 40 different companies so you can be sure you’re getting a competitive deal.

If you feel a sense of loyalty towards your existing insurer - perhaps because you have made a claim in the past and everything ran smoothly - then contact it with the quotes you have received elsewhere. Give it a chance to reduce its own premium to match these deals. Some may not bother - but there’s no harm in trying.

How to reduce your premium

Even if you stick with the same provider there are ways to cut your costs.

One of the reasons many homeowners face high premiums is due to a lack of security in their homes. If this is you, then contact your provider and ask if it will recommend any security devices for you to implement that may earn you a discount in return. Changing the locks for example, is one simple step - with five lever mortise locks proving particularly popular. Insurers are also keen on the NACOSS standard alarm system, which could slash premiums by as much as 7.5 per cent.

Other security devices too could earn you a discount including external lighting, security cameras and time-switch lights. Though all of these devices cost money to buy and install they can quickly pay for themselves with the money you save - plus you have added peace of mind.

Make sure you protect your home against fire risks too. Install a good quality smoke alarm and again, inform your insurer when you do so. If you’re really in the mood for New Year’s resolutions then quitting smoking could be another good way to save - non-smokers typically enjoy lower premiums than smokers.

From there, consider increasing your voluntary excess to a level you can comfortably afford. Also pay attention to the options you are choosing on your policy - for example, do you need accidental damage cover if you live alone? This could be increasing your premiums by 25 per cent.

If you are evaluating your level of cover then compare home insurance online to ensure you’re getting the best deal for your needs.