The biggest expense we all have each month is our rent or our mortgage and there’s very little we can do to reduce that.  We can however save money on other items such as insurance premiums.

Insurance is a pre-requisite for everyone whether or not you own your property and it soon adds up and for some, seems like an unnecessary expense.  What makes things worse is that with the recession the insurance companies have experienced a large proportion of insurance fraud and in response have hiked up the premiums for the basics such as buildings and contents insurance.

Here are a few tips on how to keep these premiums to a minimum:
1) Check your buildings insurance covers external damage too.  Some insurance companies will send an assessor to the property to determine the type of external elements that could affect subsidence etc.  If you have a listed property it’s best to request that they do so you’re not facing any insurance exclusions.
2) Shop around for the best deals as some insurers are offering free contents cover with buildings cover which is a great saving.
3) Ask your insurer for discounts if you add products to your policy eg:  pet insurance, car insurance, travel insurance.  It’s often cheaper.
4) Consider how much you’re prepared to pay in excess as it can affect your premium dramatically.
5) Check your credit rating.  Insurers are in the risk business and if you are a bad risk your premium may rise.
6) Don’t swop insurers too often.  The longer you are with them the better history you’ll have to bargain with in the future when you add products to the insurance.
7) Stay away from flood areas!   Check where you are buying as flood risk insurance is very expensive.
8) Ask your insurer which regions they consider more secure and what you can do to reduce your premiums by way of added security.  In the meantime:
a) Fit window locks on all windows to reduce your premium.
b) An alarm system will also reduce your premium.
c) Secure your garden and drive way with fencing, gates
d) Add more secure locks to doors where necessary including garage and shed
e) Join a neighbourhood watch programme

None of us wants to over spend on insurance but neither do we want to be under insured.  Keep an eye on the small print and ask your insurance company how you can reduce your premiums but still maintain the insurance you need.  Most are happy to send an assessor to your property to determine what actions will best help you.