Can I Reduce My Home Insurance Premium Without Losing Cover?

Home insurance is one of those monthly bills you can’t skip when you are running a tight monthly budget.


Things remain financially tight for household as the recession continues to hit and countries all over are in trouble of having to be bailed out from financial ruin.

As people look at ways to save hard earned money and cut costs in certain areas of their expenditure, homeowners should be aware that cutting corners or underinsuring their properties could have costly consequences.

Home insurance is a very important outgoing and ending up with insufficient cover to save some cash is not advised, however, there are ways to make sure that homes are protected at a cheaper price and still have the necessary cover in place.

Increasing the insurance excess, which is the amount that needs to be paid by the consumer before the insurer will stump up the rest for a claim, is a good way of reducing a policies premium.

It is also important for homeowners to check the rebuilding costs of their homes as these costs will be far less than they were around five years ago. This means that premiums should have decreased in line with this reduction.

Some insurance companies will also be able to offer discounted rates for properties with burglar or smoke alarms installed.


Many people are unaware that their insurers operate a no-claims bonus facility, meaning that if the consumer has not made a claim they can seek the rewards for this. One insurance expert said, “We estimate that for a family whose home insurance costs are adding to the financial strain, 99% of them can achieve lower costs simply by following these guidelines.

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