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10 Tips to reduce your home insurance costs

By: Katie Brown

Most people's money is hard earned and should be protects. There is many people and companies in the world that would gladly rob you of your earnings given half the chance. It is your responsibility to avoid being out of pocket by being shrewd enough to bag a bargain. Choosing your home insurance policy is no exception to this rule.

1. Research the area you're moving into

If you're moving home it pays to do some research into the area you're moving into. There is a correlation between how safe your area is and the cost of the premiums – although not a direct correction – a few miles, or even a few yards if your house is on the border of a two postcodes - can have a startling impact on the cost of your home insurance.

2. What cover do you need?

It's a basic tip but how much cover do you really need? Some insurance companies will heap on extra benefits as part of your policy and try to sell you upgraded services. Look carefully at what you really need and find a policy that matches your needs exactly, rather than paying for anything extraneous.

3. Shop around

It's easier than ever to buy insurance policies – the Internet has hundreds of information sites like Motley Fool where you can research the different policies that are available, or visit a comparison site where you can search for the product that suits you. Many of the major supermarkets offer home insurance packages, such as ASDA Finance.

4. Buy online

Many insurance providers give a discount (usually around 5%) for buying online.

5. Home security

When you move in change the locks. Most insurers recommend five level mortise locks on external doors and two bolt locks on the windows, while an approved security system could save you over 5%. Other tips include time-switch lights and security lighting – let your insurance provider know what you are doing and ask them to lower your premiums accordingly.

6. Join Neighbourhood Watch

It's a straightforward tip but in many areas joining an approved Neighbourhood Watch scheme has been shown to reduce premiums by up to 5%.

7. Fire

As with security, taking measures to reduce fire risk including smoke alarms and a fire alarm system can reduce premiums significantly. In addition, making sure open fires are protected and any heat source is given adequate ventilation and is not near anything combustible. Make sure that you tell your insurer about any such measures.

8. Don't smoke

Increasingly insurance providers are asking their customers whether they smoke or not – smoking obviously presents a greater risk of fire from discarded cigarettes and unattended ashtrays.

9. Increasing your voluntary excess

The bottom line is that the higher the excess you choose on your policy the lower the premium. By choosing to take a higher voluntary excess you could save up to 20% on your insurance premium.

10. Only claim when you really need to

By only claiming when you really need to you will protect your no claims bonus and keep your premiums lower.

Finally, there's one extra tip that most insurance companies won't want you to have – that is, haggling. There are dozens of insurance providers out there vying for your custom. It is in your interest to compare prices and haggles so that your can get the best deal for you.

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Don't renew your existing policy until you've got a quote from ASDA Finance, providers of award winning home insurance. Visit http://www.asdafinance.com/home-insurance.html for more details

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