UK Home Insurance – 5 Tips to reduce your insurance cover

Buying UK home insurance is a necessity for property owners in the United Kingdom. Many home mortgage lenders require home owners to purchase a minimum amount of property insurance, and even those without a mortgage will benefit from the protective cover the insurance provides. This cover can drastically reduce financial loss due to fire, flooding, theft and more. While UK home insurance is beneficial, nobody wants to pay a fortune for it. Here are some tips to help you reduce the price you pay for your cover.

1. Consolidate Your Policies

One way to save money on your homeowners insurance is to consolidate your policy. There is often a discount available when you combine your UK car insurance or your UK break down insurance with your home insurance policy.

2. Look for Discounts

With many homeowners insurance policies, discounts are available for a number of things. Some discounts, for example, may be available if you have a security alarm in place. Others may be available if you have not filed a claim within a certain number of years. These discounts can equate to significant savings to you over time, so explore the options that you may qualify for today.

3. Buy Beneficial Cover

Some people believe that you never can have too much insurance. However, the fact is that you really can purchase too much insurance. When you are over-insured, you are paying for cover that will never benefit you. Consider, for example, if your current policy provides replacement cover on an amount that is twice the actual value of your home today. Insurance will only pay to replace your current home after a fire or other major event, but it will not pay to give you a far nicer or far larger home than what you have.

4. Don’t Insure Your Land

Many people make the mistake of insuring the total value of their property, but this value includes land value. When you think about all of the things that could happen to your home like fire, flooding, theft and more, none of these will affect your land. It will still be there even if your home burns to the ground. Insuring your land will increase your premium unnecessarily.

5. Increase Your Excess

Just as you have control over the excess on your UK car insurance and your UK break down insurance, you also have control over your home insurance excess. If you choose to increase your excess, you will enjoy a lower premium. This is among the easiest ways you can save money on your cover.

By putting these tips into practice today, you may find a great way to save money on your home insurance in the UK.

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