How to reduce your home insurance premium


There are a few different ways to keep your home insurance premium down. With a combination of shopping savvy and basic modifications to your home, you can reduce your premium and ensure that you are covered if you do ever need to make a claim. So without further ado, here are some top tips for saving money on home insurance now and in the long term.

Get the right lock

As you can imagine, the lock on your front door is one of the most obvious potential weak points for the security of your home. So the more reliable and robust your lock, the less risky you’ll seem to an insurance provider. The most secure lock types are five-lever mortice deadlocks. Get one which conforms to the British Standard 3621 to really impress you insurer and get that premium as low as possible. The next most secure lock type is a multi-point key locking system, followed by rim automatic deadlatches and then all other lock types.

If you are willing to change your locks for maximum security and savings on your premium, definitely go for the British Standard conforming mortice deadlock.

Fit an approved burglar alarm system

The National Security Inspectorate (NSI) has set a standard for burglar alarms and if yours meets their standard your home insurance premium can be reduced. The only downside is that these systems are expensive to install and are subject to a check-up every year, so it’s more of an investment than other burglar alarms. The upside of course is that as well as reducing your insurance premium you will have the added security of an approved alarm system, so it may well be worth looking into.

Increase your excess and avoid claiming

Your excess on an insurance policy is the amount you will have to pay before your insurance kicks in to cover your losses. Your policy will come with a standard excess (for example, £50 or £100). However, if you increase the excess you are willing to pay then your premium will go down – obviously saving you money if you never actually make a claim. You need to think about how much you can realistically afford to pay if you need to claim on your insurance. If you can afford to increase your excess, go for it.

By the same turn, never having made a claim makes you a less risky customer, so avoiding claiming will help to future proof your premiums. If you can afford to cover your losses in the case of a burglary for example, you might as well keep your claim record clean. Do bear in mind though that if you report a burglary to the police your future premiums may be affected even if you didn’t make a claim.

Ask about additional savings

It’s not always the case but some insurers will reduce your premium if they perceive your lifestyle to be lower risk. For example, if you are a non-smoker, have a dog or have other specific lifestyle factors. There is no harm in asking about these factors to see if you can whittle your quote down even further.

Shop around

Use comparison sites like to find the cheapest possible deal. Comparison sites are aggregators which allow you to compare quotes from a big range of major insurance providers, so they are a quick and easy way to drill down for the best deal. Have as much knowledge as possible about your home and what kind of cover you need and you should be able to get a quote very quickly and secure a good deal.

When it comes to renewing your policy, don’t just stick with your current policy provider – compare providers afresh to make sure you don’t end up paying more than necessary just to avoid the hassle of shopping around again.