Protecting what's important: How to get the protection you need, without breaking the bank!

Home insurance is a necessity, and if you get the right deal you can keep your monthly payments low while still having excellent cover on all your possessions. 

However, it is easy to fall into the trap of paying too much for your home insurance simply because the more you pay, the more you feel protected. Home insurance doesn’t work like this and in fact, you should always look for the most competitive price. 

Before we look into insurance policies and the cover you need, it’s worth noting that if you’re already paying to cover your property, your insurance will probably be going up each year if you let it auto-renew. Rather that fall into the trap of higher monthly charges you can save yourself money by shopping around each year. 

Home insurance usually covers both contents and property insurance. Property insurance is essential because if you have a mortgage, it means that if a disaster strikes you will have the money to be able to rebuild your home. Property insurance also covers damage to your home, whether it’s by accident such as stepping through the ceiling in the loft or a burst water pipe. You need to find a property insurance quote that has a low excess payment as well as being low on the monthly charges. 

Contents insurance is sensible, but it won’t mean you won’t be able to cover your mortgage if you don’t get it. The cover you are paying for means that your furniture, gadgets, jewellery, paintings and all the other things that you’ve spent money on over the years are protected from damage and theft. Contents insurance and the value you’d like to be covered up to, is entirely up to you and your personal circumstances. You may have to insure expensive bicycles and jewellery separately but it’s always important to discuss this with your insurance provider. 

Other than switching your provider annually, This is Money recommend to reduce your home insurance you can reduce your costs and risk and look into getting a no claims discount. You can lower your risk by joining your local Neighbourhood Watch scheme, improving alarm security and making sure your door locks are all up to the best standard. Fitting your home with modern smoke and fire detectors will also bring your premiums down. 

The no claims discount is something you often hear about with regards to your vehicle, but the same applies to your home. If you haven’t used the insurance you are paying for, look for discount-style offers for your good service. 

While you want cheaper home insurance, remember that cutting down your contents and property insurance to unrealistic values can end badly. Be honest with your applications and shop around for the best deals looking for Defaqto star ratings and trusted reviews.