We have previously discussed some unexpected things that might influence your home insurance premium.
But as the list contained things like nearby fracking operations and the geographical location of your home, these were largely things that are beyond your control as a homeowner.
So in this short guide we’ll outline some of the things you can do today that may have a positive impact on your home insurance premium.
These are all actions that serve to inform your insurers that you’re a relatively low-risk household, while giving them a more informed idea of just how much they’ll have to pay out should you ever make a claim.
If you can convince your insurers that you’re doing everything in your power to protect your home from burglars, you may wind up paying a lower home insurance premium.
So if you’ve never taken the time to seriously consider your home security, now is the time to act. Consider hiring a specialist to identify all of your home’s most vulnerable points of entry before doing everything in your power to address the situation.
That means more locks and a more sophisticated alarm system, the type that automatically alerts the authorities when triggered. It means replacing your old doors and windows with modern ultra-secure UPVC solutions.
You might even consider adding some visible security cameras to your homes exterior. Even if they’re just dummy cameras, the mere suggestion of a CCTV system is enough to put off many opportunistic criminals. Motion-activated lights can be just as effective.
A professional contents valuation will give you a clear idea of the total value of all of your possessions.
The main benefit of this is that it can speed up the claim process. If you and your insurers know exactly what’s been lost and how much it was worth, then there can be little doubt as to what sort of settlement you’re due.
But a contents valuation can also influence your home insurance premium. Most insurers offer standard policies that cap claims at about £50,000. The knock-on effect of this is that, no matter whether your content is valued at £10,000 or £30,000, you’ll end up paying largely the same premium.
However, if your contents are valued at significantly lower – or significantly higher – it can actively affect your premium.
While we’re on the subject of contents insurance, as we mentioned in our blog post, the presence of a safe in your home can cause your insurance premium to skyrocket.
Home insurance policies do take cash into consideration, but they’re usually only willing to recognise amounts of up to £500. So if you decide to squirrel away huge amounts of money in a home safe, your contents insurance will have to be tailored to reflect your strategy. You will invariably wind up paying more than you should.
Keeping money in a safe rather than the bank can increase your home insurance premium
So keep your money in the bank, where it will accrue interest, and where home intruders will never be able to access it.
Yes, this one’s easier said than done. But it might interest you to know that smokers generally pay higher insurance premiums than non-smokers.
Why? Because a single unattended cigarette can quickly spiral into a full-on inferno. Smokers are high risk.
Quitting smoking can help reduce your home insurance premium
So as if you needed another reason to quit smoking, cutting the habit can result in a healthier insurance premium, as well as a healthier cardiovascular system.
At this point, you would hope that your insurance company is there to help but unfortunately, this is not always the case. We have known families who have felt intimidated by insurers and have been treated as though they have done something wrong, or are in some way to blame for their situation.
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