Ensuring your home is adequately insured is vital, and in some cases is either legally required or is a condition for successfully applying for a mortgage.

However, not all insurances are equal and there are many ways in which you can stop overpaying for your buildings, contents and combined policies.


Shop Around

One mistake many people make when setting up their insurance is taking the buildings insurance policy their mortgage provider offers them. Sometimes this is done for convenience but in other cases, it’s under the misguided belief that you have to take their policy.

Take advantage of home insurance comparison websites and compare different deals to see if there is a cheaper insurance policy that covers everything you need.

Avoid auto-renewing policies wherever possible, and be willing to shop around near the deadline to renew to get the best deal. Comparing deals and threatening to move away is the best way to keep getting the best deal.


Go Combined

Oddly, whilst shopping around will often get you the best deal for either buildings or contents policies, in many cases an insurance provider will provide a cheaper combined policy.

According to data from Money Supermarket, a combined policy can save over £30 a year.


Pay Annually

Making an up-front, annual premiums payment can save you money compared with monthly premium policies, so if you can pay a lump sum try to do so.


Pay For What You Need

It can be very easy to stack on different insurance add-ons “just in case”, such as for home emergencies, legal expenses and accidental damage. These can significantly increase the price of premiums for situations that are rare for most people.


No Claims Discounts And Higher Excesses

If you can afford to and do not expect to make claims, consider increasing your excess (the amount you pay before the policy kicks in) and start to build up a no-claims discount by paying the cost of minor repairs and little accidents yourself.


Make sure you are comfortable doing this financially; if you do not feel comfortable paying a higher excess or paying for repairs then it is fine to claim on your insurance or accept a lower excess.