As one insurer offers contents cover for free, we look at ways to keep your home insurance premiums as low as possible.
Homeowners can get 12 months of free standard contents insurance when they take out combined buildings and contents cover with Swinton Insurance.
It’s available to both new and existing customers and covers up to £100,000 worth of contents. What's more, landlords, holiday homes and specialist properties can get in on the deal too.
Just be aware that contents cover will be cancelled immediately if the buildings cover is cancelled. You'll also need to apply to Swinton directly by phone or in-branch to get the offer as it’s not available online or via price comparison and cashback websites.
It's an eyecatching little offer, but the thing to remember here is that it's entirely reliant on you taking out buildings insurance too. So be sure to shop around and compare deals - you may find a combined deal that works out cheaper, even if Swinton's contents cover is free! And remember to check the small print too, as policies from different insurers do vary.
How to get contents insurance cheaply
The Association of British Insurers reckons the average annual contents insurance premium currently stands at £124 a year. But you don't need to rely on offers like Swinton's in order to save some cash. There are some other simple steps you can take to trim that premium down.
Fit secure locks
Your home will be classed as a lower risk - and therefore qualify for cheaper premiums - if you have good-quality locks fitted. Some insurers will only cover you if you have BSI-approved locks on all outside windows and doors. Just look out for the kitemark symbol. Joining your local Neighbourhood Watch scheme might decrease your premiums a little too.
Install smoke alarms
Fitting smoke alarms around your home will also make your home seem less risky from an insurer's perspective, and so reduce the contents insurance premium. A couple of fire extinguishers in high-risk areas (like the kitchen) will also help.
Increase the excess
The excess is the money that you'd pay towards the repairs if you made a claim. Opting for a higher excess will reduce your premiums, but don't go too far. Work out how much you could comfortably afford to pay.
Don’t go on long holidays
Leaving your house unoccupied for longer periods of time warns your insurer that you're higher risk, especially if you don’t have a burglar alarm. But by long holidays, we mean 28 days or more, so your annual week-long trip to Cornwall should be OK.
Make sure you’re on the electoral roll
The provider might check your credit record to see how reliable you are with your finances. If it finds that you’re not on the electoral roll, you could be subject to higher premiums. In either case, it’ll be a ‘soft’ search that won’t affect your credit rating.
Build up your no-claims discount
There may be a discount for you if you haven’t claimed on your home insurance for a few years, so check with your provider to see what you can get.
Pay annually
Paying monthly could cost you up to 10% more in the long run than if you pay for a year upfront. The worst part is that you’re paying more for the same policy. There’s less paperwork to deal with if you pay annually too.
Shop around
Shopping around is the best way to find a cheaper deal. Your mortgage provider will try and offer you cover but it’s rarely the best for you.
Even if you're not swayed by your mortgage provider, it's easy to get into the habit of renewing your insurance year after yeartime and time again without really thinking about it. Those who decide to switch could save a fair bit of cash so it's definitely worth the effort.
To get you started, have a look at the lovemoney.com home insurance centre. Remember to check with providers that don't appear on comparison tables too.
And if you’re thinking of moving house, have a look at whether or not it’s a high risk area, particularly for floods. This will bump your premiums right up.
Compare home insurance with lovemoney.com
Thanks to Claire Foster from Direct Line and Kate Hurren and Heather Smith from Aviva for their help with this article.
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