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Cut the cost of home insurance

5 Ways you can cut the cost of your home insurance
How to save money on the cost of your home insurance with five easy tips from UIA Mutual Insurance, the trusted provider for Usdaw Union members.
When it comes to saving money on home insurance, Usdaw’s preferred insurance provider UIA is here to help you save every penny. As a mutual insurance company, everything we do is for our members, and a big part of that is making sure they have the fairest policy at the lowest cost.
We’ve chosen the five best ways from Money Saving Expert founder Martin Lewis* that could help you cut the cost of insuring your home and its contents…
  1. Consider the rebuild
Many of us make the common mistake of overestimating our home’s value when it comes to buildings insurance. Your insurance depends on what it would cost to rebuild – involving architect plans, materials and labour – rather the current market value of the property.
The Building Cost Information Service has an online calculator that works out the rebuild cost of your property for you. Visit calculator.bcis.co.uk
  1. Renting or owning?
While homeowners (and landlords) may need both buildings and contents cover, if you rent, you only need the latter. Buildings insurance covers the cost of repairing damage to the structure of your property, as well as garages, sheds and roofs, whereas contents only covers your belongings.
If you rent your property, check with your landlord, as they normally have a buildings insurance policy in place and you could be paying unnecessarily. Alternatively, if you’re just renting a room in a property, you only need tenants’ insurance – find out more about it here.
  1. Can you pay in one go?
For some things, paying an annual bill in monthly instalments can save you money, but this is rarely the case with home insurance.  This is because many home insurers charge interest.
It’s always worth looking for interest-free monthly payments or checking if paying it all in one go will save you money. UIA enables customers to pay the whole bill in one go, but also offers customers interest-free direct debit payments over 10 months.
  1. A safe house is a less expensive house
Never underestimate the cost-saving impact of good home security. Fitting and using five-lever mortice deadlocks, insurer-approved window locks and an alarm could help bring down your insurance premium.
You could also save money by joining your local Neighbourhood Watch scheme – visit Our Watch to find out how to join yours: ourwatch.org.uk
  1. Raise your excess
It seems counterintuitive but raising your excess could save you money. It means you’re willing to contribute a bit more towards the costs of a claim should you have one, but usually brings the cost down of your premium, so it is a bit of a balancing act.
*We love Martin Lewis, but he doesn't endorse UIA Mutual Insurance/Usdaw or any of its products.
UIA is the trusted home insurance provider for Usdaw. Find out more here.

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