How to find the cheapest rates - UK Home Insurance

Firstly, take advantage of the competitiveness of the general insurance industry. There are new entrants on the market all the time. Banks and building societies offer home insurance in addition to the direct insurers who have always done it. Now even supermarkets are offering home insurance. In order to do this, all the companies that offer home insurance, which is not a product that can be easily differentiated in terms of features, are offering lower and lower premiums, and you should search the market for them.

Companies have sprung up which will help you to do this. You used to have to go and visit an insurance brokerto get help in searching the market. Then, you could maybe phone someone. All you have to do now is log onto the internet, use a search engine to find an insurance broker, enter your details, and the products that will suit you should be listed for you, so you can see who offers the cheapest quote. You can then apply on line as well.

However, asking for as many quotes as you can is not all you can do to find the cheapest rate. You need to help yourself by using some factors that you can control to bring your premiums down. Some of these changes will cost very little, or maybe nothing to implement.

The excess is the first amount of a claim that you will expect to pay. Most policies have a compulsory excess, but you can ask for a larger excess and you should see your premiums drop.

You should find an insurer who offers a discount if you have a no-claims record. If you have a number of claim-free years, you should look for a quote for home insurance that recognises your record. It is possible to save as much as 45% off your premiums if you do this, which is not to be sniffed at. For an additional premium, you may be able to get no claims protection, which will allow you to make a few more claims without affecting your no-claims bonus.

Another way to get cheaper premiums is to find an insurer who will sell you other insurance products as well as home insurance. If you take more than one policy from the same insurer, you may be qualified for discounts off your premiums.

The security of your home is a vital component in the insurer's calculation of your premiums. If you can ensure you have a burglar alarm, security deadlocks on doors and windows and you also can join a neighbourhood watch scheme, then you'll be answering 'Yes' to more of the insurer's questions, and your premiums will reduce significantly.

 

 

 

 

 

© AskFinancially.com 2008

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