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Your home insurance cost cutting tips

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
19 replies 3.7K views
MSE_MartinMSE_Martin MoneySaving Expert
8.3K posts
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edited 30 November -1 at 1:00AM in Insurance & Life Assurance
This discussion relates to the following article - click here  to read.

IF you have a suggestion or tip to cut the cost of home insurance click reply
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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Replies

  • PaleScenePaleScene Forumite
    1K posts
    ;D :DA suggestion for those who don't know what they are doing as I've posted myself on here to say this one confuses me and seen several others say the same.

    Choose companies with 0800 quote lines - I spent 45 mins on the phone to Prudential yesterday chatting to a girl named Becky who was brilliant. I asked a ton of questions about how various bits of the cover would work and how they would suit me and she was patient and friendly throughout.

    Actually the quote was gobsmackingly good too - but my point is that it has given me the tools now to start the process as per the article with quote comparisons and haggling because now I understand more clearly what I do and don't need.

    :D:):D
    Do I Need One Stops All Unnecessary Reckless Spending
    £2 CSC - £30 :kisses3:
  • paylesspayless Forumite
    6.9K posts
    Part of the Furniture 1,000 Posts Combo Breaker
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    Note about the locks/ alarm discounts
    -
    if claiming these discounts - make sure they are up to the specified requirements, and in the case of alarms may need an annual maintenance check.

    Also not using the security fitted (and discount claimed) could cause problems on claims.

    --

    Watch out for small claims - not only will you lose NCD (upto 30% in some cases) lots of small claims may mean new insurers are not keen to take you on.
    ---
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
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    After searching around for home and contents insuarnce recently, I was reccomended to try Liverpool Victoria. Their quote was approximately half any other qoute and a quarter of others! Unbelievable!! ;D
  • melwhitemelwhite Forumite
    5 posts
    I have been with Liverpool Victoria for over 2 years now. They give a blanket contents cover of £125,000 which is much more than any other. I have had to claim twice this year, once for a mobile phone and once for some lost jewellery. On both occaisions I was expecting to get 5 thousand questions and loads of hassle, but they couldn't have been nicer or had an easier process. One phone call with the details of the missing items and the cheque arrived 24 hours later. NO HASSLE!
    They were also by far the cheapest quote. I would definately recommend you check them out before deciding who to go with. Call on 0845 6064304. The other good thing is once your a customer all phone numbers are still landline numbers not 0845 or 0870 so are free if your on a calling package. You can also pay for your premiums monthly. :D:):)
  • FinishrichFinishrich Forumite
    1K posts
    Part of the Furniture 500 Posts Combo Breaker PPI Party Pooper
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    Can anyone recommend an insurance company to cover a piece of jewellery on it's own rather than include it in a contents policy ???

    I'm thinking it could be cheaper that way ;D

  • melwhitemelwhite Forumite
    5 posts
    I've not come accros any for this purpose, however most policies will cover an individual item up to the value of £1000 without it being a specified item. If the value is over £1000 then it becomes a specified item and they add it to the cost of the policy. It depends on how much its worth as to how much extra it will cost to cover, but I've always found it to be quite reasonable for extra items.

    hope this helps.

    Mel
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
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    ;) I have great fun doing my insurance. I have all my insurance done through Lloyds TSB. Buildings, contents, home emergency, pet, car, you name it I've got it.

    The bit I love is the building and contents combination - I never lose.

    You phone them up on their freephone number (a good start - this you can get in any yellow pages - Lloyds TSB Insure Direct) and ask for a quote on both.

    Be realistic about the facts - don't insure the building for £100,000 if you only paid £100,000 (it is a rebuild cost not a building value - if you're uncertain speak to your mortgage company). A friend insured the contents of her freezer for £500 - Why? If you have bicycles be aware of the value they insure up to away from the home and at home. I had trouble when mine went walkabout. It was insured up to £500 but was worth £750. Remember - the higher the insured value the higher the quote value.

    As per previous responses be aware of the pitfalls of claiming discounts on alarm systems. If they are not armed but you get burgled you risk the policy being voided. I do believe Lloyds do not offer discounts for this reason.

    Anyway - the bit I love is when you get the quote you ask to claim the offer for the M&S vouchers £20 per policy so you get £40. At this stage you have to look at whether you are getting a better offer than you currently pay. I almost always do!! However you take £40 in vouchers off the quote value. Lloyds TSB obviously offer DD. Use it. After they have taken the 1st payment they despatch the voucher.

    Now then what you do is look out for the random "junk" mail from Lloyds TSB insure direct (the one piece of junk I do look out for). You should look for the ones with the M&S voucher offer. Open it up and call them again and take out the offer for the vouchers. REMEMBER to cancel the DD on your old policy. In the last 12 months I have had £80 in vouchers and still managed to reduce my insurance premiums - FANTASTIC. D'you know what I could give £20 in vouchers to my Mum every year and I'd still be saving money!!

    The replacement policy is normally the identical policy to the one I cancelled so NU are none the wiser. The losers are Lloyds TSB.

    ;DI LOVE MY BANK ;D
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
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    [flash=200,200][/flash] You mentioned "Approved Locks on all windows and doors."
    MANY POLICIES WILL THEN VOID YOU IF THEY ARE NOT LOCKED, EVEN IF THAT WAS NOT CAUSE OF THEFT!!
    also mentioned "Obtain contents and building cover with same insurer. Be wary of this discount, often the cheapest separate policies still provide better value. This is especially true if you are in a higher risk category for either type of cover e.g. at high risk of theft for contents, at high risk of subsidence for buildings."
    IF YOU HAVE TO SEPERATE POLICIES, THERE ARE MANY GRAY AREAS, WHERE THEY PUSH YOU FROM ONE TO THE OTHER, WHERAS IF ONE POLICY, THERE WILL BE NO PROBLEMS.[glow=red,2,300][/glow]
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
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    Ive often wondered if occupation affects your quote. I could class myself as a house-husband, fulltime carer, local government officer or self employed partime landlord! i would love to know which would get me the cheapest quote.
  • normannorman Forumite
    48 posts
    ALL VG STUFF
    heard somewhere that the HALIFAX do a House Policy that does NOT need you to put in the value of the house AND only costs approx. £250 PA. ANYBODY any experience of this?
    What goes around - comes around
    give lots and you will always recieve lots
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