Money | Can you save on your house insurance?

House insurance appears to be increasing so now is the time to do your homework and get prepared before you pay the premium.

House insurance is another necessary evil. And that pain could get a lot worse if you have to pay a higher than expected premium.

In the last year, home insurance has increased by 3%. You can offset or avoid this premium hike by doing a few things, such as checking your policy. 

There is no point in forking out a lot of cash for insurance if it does not cover certain items or work carried out in the house. Make sure your home is adequately protected from risks you cannot cover yourself and that any home improvements you’ve made, major purchases, and increased costs of rebuilding are all covered.

Ensure the building sums insured is correct. This should include the rebuilding cost and not just the value the property could sell at. If you have added an extension since the last time you signed an insurance policy, you need to amend your buildings sums insured to reflect this.

Assess the contents sums insured, and evaluate how much cover you actually need. Check if your cover insures items outside the home and that of personal possessions, such as jewellery. If you do not have any such items, ensure that your provider is not charging you for these “extras.” Other extras may also include cover away from home on your policy.

If your home is properly protected with working burglar alarms or smoke detectors, you may get cheaper home insurance premiums. You may also avail of a discount if you are a member of a neighbourhood watch scheme.

Paying a higher excess may also help reduce your premium. This is the part that you’ll need to pay before the insurer pays out on claims. Offering to share some of the risk and paying the higher excess may be looked on more favourably by providers.