How to save money on home insurance policies

According to independent financial research company Defaqto there are a number of ways that you can reduce the cost of your buildings and contents insurance without compromising on the cover.

Brian Brown, Head of Research at Defaqto said: "The annual home insurance premium can be considerable but there are often a number of ways to reduce the premium without having to compromise on the cover. We have identified nine ways to get a discount and only one of them - raising the excess - impacts on the actual insurance coverage."

Defaqto analysis of 297 buildings insurance and 298 contents insurance policies showed:

19% of policies give a discount  for online purchases via the insurer's website

85% of policies give a discount if  both buildings and contents insurance cover is purchased from the same insurer at the same time

86% of policies give a discount for selecting a higher excess

67% of policies offer a ‘no claims discount' if you do not make a claim

69% of contents policies offer discounts for alarms fitted

22% of contents policies offer discounts for smoke detectors fitted

64% of contents policies offer discounts for approved door and window locks

43% of contents policies offer discounts if  you are a member of a Neighbourhood Watch programme

30% of providers do not charge extra for payments by monthly direct debit which would help spread the premium at no additional cost