No-Claims Discounts aren’t just for car insurance


No-claims discounts are commonly associated with cars and few people realise that they can apply to many different types of insurance policies, including home insurance.

In much the same way as you wouldn’t make a claim for a minor mishap with your car that might cost around £30 to fix, it makes sense to not claim on home insurance for incidental things since the more claims you make, the higher your premiums will be.

Your claim history is not affected by the amount of claim you make in monetary terms but by how many times you claim and depending on the insurance company that you use, these claims can remain on your claims history for up to 5 years.
It makes sense to check out the availability of no-claims discounts on premiums and the savings you could make – it could be as much as 30 per cent!

When not to claim on your home insurance

You may feel that it’s a contradiction in terms to be paying insurance premiums and not claim when, for example, you accidentally drop your phone in the bath. But since there is usually a compulsory excess on most home insurance policies representing the amount you will have to pay toward the cost of replacement or repairs, it’s worth looking at it from a different point of view.

If you view your home insurance policy as security against theft, loss or damage of the most expensive things you own and don’t claim for those items that are relatively inexpensive to replace or repair, you can obtain significant savings on your home insurance premiums. For example, if the excess is £100 is it really worth compromising your no claims history by making a claim for your damaged mobile phone?

Choosing the right insurance company

Choosing the right insurance company for your needs might seem easy given the advent of so many insurance comparison sites but you could spend a lot of time online, especially if you visit all of them. You will be able to enter details of what you want your home insurance to cover and then you will be presented with a number of quotes.

You then need to read all the small print to ensure that what you are being offered actually meets your criteria. Be prepared to spend several hours doing this because the cheapest is not always the best!

While we live in a technology-driven society, sometimes it is nice to talk to a real human being – especially when the FAQs on a website don’t address your specific issues. At Co-operative home insurance we are happy to take your call at any time to talk about your home insurance requirements.

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