How to find a better deal than your broker

Frugality is the name the name of game. As the cost of living in one of today's most expensive society's increases, so does the need for us all to save money wherever possible. A little save here, a little saves there, it all adds up. This article provides the top ten tricks that yu can use to cut your home insurance premiums. What can you do to get a better deal on your home insurance than most mortgage brokers could find for you.

1. Research the area you're moving into

If you're moving home it pays to do some research into the area you're moving into. Premiums can fluctuate dramatically within a very small distance – the size of the premium can also indicate how safe the area is.

2. What cover do you need?

It's a basic tip but how much cover do you really need? A common ploy used by insurers to up sell is the addition of extra benefits as part of the core policy. Look carefully at what you really need and find a policy that matches your needs exactly, rather than paying for anything extraneous.

3. Shop around

It's easier than ever to buy insurance policies – the Internet has hundreds of information sites like Motley Fool where you can research the different policies that are available, or visit a comparison site where you can search for the product that suits you. Many of the major supermarkets offer home insurance packages, such as ASDA Finance.

4. Buy online

Many insurance providers give a discount (usually around 5%) for buying online.

5. Home security

When you move in change the locks. Most insurers recommend five level mortise locks on external doors and two bolt locks on the windows, while an approved security system could save you over 5%. Keep your insurer posted on any systems that you have installed including time-switch lights, infra-red detectors and security lighting, alarm system upgrades and other security systems.

6. Join Neighbourhood Watch

It's a straightforward tip but in many areas joining an approved Neighbourhood Watch scheme has been shown to reduce premiums by up to 5%.

7. Fire

As with security, taking measures to reduce fire risk including smoke alarms and a fire alarm system can reduce premiums significantly. Additionally, the use of fire guards and the presence of adequate ventilation around heat sources such and also ensuring that a safe distance of anything combustible. As always, make sure that you advise your insurer about the measures that you taking.

8. Don't smoke

Increasingly insurance providers are asking their customers whether they smoke or not – smoking obviously presents a greater risk of fire from discarded cigarettes and unattended ashtrays.

9. Increasing your voluntary excess

The bottom line is that the higher the excess you choose on your policy the lower the premium. Savings on your insurance could be dramatic in some cases up to twenty percent if you opt for higher voluntary excess.

10. Only claim when you really need to

By only claiming when you really need to you will protect your no claims bonus and keep your premiums lower.

Finally, there's one extra tip that most insurance companies won't want you to have – that is, haggling. There are dozens of insurance providers out there vying for your custom. By shopping around and then haggling you can often get a better deal.

By: Peter Spyr
Credit:www.superfeature.com