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Home insurance money saving tips

According to the Money Saving Expert, in an opinion published in January 2017, the cost of home insurance is currently rising at the rate of as much as 14% a year.

That is no reason for skimping on the cover which your home is likely to need, of course, but it does bring into focus any opportunity for saving money on the insurance, wherever possible.

Here are a few tips and suggestions for doing just that:

Choose the most suitable cover

  • there are a number of different types of insurance, all of which might fall under the generic umbrella of home insurance – each one is different, and designed for a different purpose, so you secure the appropriate cover, and save yourself unnecessary expense by choosing carefully;
  • possibilities might include standard home insurance for the owner occupier or contents insurance alone for a tenant, specialist mid and high net worth insurance for homes of particular prestige and value, or holiday home insurance to safeguard your second home;

Building insurance

  • at the core of any property insurance is likely to be protection of the structure and fabric of the building itself against such potential disasters as fire, flood, storm damage, impacts, vandalism and theft;
  • the total sum insured under this heading reflects the possible need to completely rebuild the property after a major event;
  • save money on the cover you buy, however, by making sure that this is limited to the estimated reconstruction costs, rather than the potentially higher – and therefore more expensive to insure – current market value;

Contents insurance

  • on the other hand, a common error when it comes to cover for the contents is underinsurance – although you might save on the cost of premiums, you are likely to be left with cover that is insufficient for repairs or replacement of valued items that may be stolen, lost or damaged;

Combined building and contents insurance

  • although it is possible to arrange separate cover for the building and for the contents, you are likely to find that most insurers reduce the overall cost of premiums if you buy both elements at the same time, under the umbrella of a combined building and contents insurance policy;

No claims discounts

  • probably the most certain route to achieving savings on the cost of your home insurance is to take full advantage of the no claims discounts that are almost certain to be granted;
  • substantial savings may be made as your no claims discount steadily accumulates over the years – and this might be reason enough for thinking twice before making a relatively minor claim, which might nevertheless lead to the loss of your precious no claims discount;


  • as with practically any kind of general insurance, the greater your share of the burden of risks, the lower the premiums are likely to cost;
  • although home insurance is likely to incorporate a range of different compulsory excesses (depending on the type of claim you are making) it is also possible to agree to a further voluntary excess in order to save money on the cost of the premiums;
  • although this may produce an immediate cost saving, you are committed to a greater financial contribution in the event of a claim.

Despite a somewhat relentless, across the board increase in home insurance costs, there remain a number of money saving possibilities.

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