How Can I Lower My Home Insurance Premium – And Would This Increase My Risk?
Caeva O'Callaghan | February 21st, 2020
Lowering your home insurance premium won’t increase your risk. Generally speaking, you’ll pay less for your insurance if there’s less of a risk. So, the safer you are, the less you will pay.
Some factors that affect your premiums can’t easily be changed, like your address or building structure for example. However, there are a few things you can do to lower your premiums.
In this article, we’ll answer the following questions:
- How can I lower my home insurance premium?
- What factors affect the cost of home insurance?
- Will I pay less for home insurance if I install a burglar alarm?
Your insurance broker will be able to give you good advice on lowering your premiums on the exact policy you have. Otherwise, read on to discover some things you can do for yourself.
Increase your home security
Making your home objectively safer is one of the top ways to lower your home insurance premiums.
Smoke alarms are easy to install yourself, and you can get hard-wired or battery operated models. When it comes to home alarm systems, insurance companies put those into five categories:
- NSAI approved and connected
- NSAI approved and not connected
- Connected alarm
- Unconnected alarm
A DIY alarm system such as Nest or Hive would come under category 5. Unfortunately, no insurance company will give you a discount for this type of alarm. But they’re still worth having, as any alarm will lower your risk of being broken into. However, they won’t lower your premium.
Check your policy wording to find out what you’re covered for if your home is broken into. For example, Aviva and Zurich will pay a burglary claim if you qualify for the alarm discount and the alarm is not activated during the break-in, but this will increase your excess.
Upgrade your locks
When you install locks that meet BS3621 (with the British Standards Institution’s kite mark), this can improve your home insurance premiums. In fact, it can be a requirement for some insurers. Door and window locks approved by members of the Associated Locksmiths of Ireland or the Irish Locksmith Organisation (ILO) could also save you money.
Mortise locks and deadbolts are all good, solid locks. Don’t forget your windows, especially in easily-accessible ground floor locations. You will also want to install locks on skylights and outbuildings, especially if you are living in a high crime area.
Decrease the valuables in your home
If you store a lot of cash, antiques or other pricey knick-knacks around your home, you may want to think twice. In order to get contents cover you must tell your insurer about anything valuable on the premises. So, if you have more valuables on site, the more you’ll pay.
Consider handing over your valuables to a high-security storage facility. A safety deposit box is a secure metal container held by a bank or credit union, where you can store valuable items. They’re often kept in vaults, and can be rented over your lifetime for an annual fee.
Shop around for the right home insurance
Switching insurance, comparing quotes and making phone calls is a lot of hassle. Who wants to devote their lunch break to finding home insurance?
That’s where your broker comes in. Let them know what you’re looking for, and they can compare quotes for you. With their insider knowledge, they’ll be able to sniff out deals from lesser-known names, who might be able to provide your perfect cover.
Not only that, but it’s the insurance providers who pay the brokers’ commission. So you save money, and it won’t cost you a cent.
Increase your excess or pay annually
Your excess is the money you have to pay when you make a claim, before your insurer covers the rest of the cost. In some instances, increasing your excess can lead to your premium being reduced.
Increasing your excess makes it less attractive to make a claim. So, you’ll need to weigh up the pros and cons of doing so.
Changing the payment structure of your insurance can also help reduce your premium. Some insurers give you a discount if you pay annually. So, if you can afford to fork out a lump sum every year, it might be worth doing so. This varies between insurers.
Get in touch with your home insurance queries.
A key benefit of using the services of an insurance broker for your home insurance is that we can source and compare the market to get you the most appropriate insurance policy for your specific requirements. If you have any questions, we provide immediate expert advice from certified and trained insurance agents. Feel free to call is on 0818 224433 or 042 9359051.