5 Ways to Cut the Cost of Home Insurance Premiums

Council tax, utilities, and essential maintenance all add to the cost of home ownership in Ireland. Insurance is another cost driver, though it is possible to save money whilst still getting the coverage you require. Consider these five tips.

1. Check your coverage requirements
Review your coverage to ensure you are only paying for the insurance you require. If you are a freeholder, you will need both home and contents insurance. If you are a leaseholder, you will only need contents insurance.

2. Increase your voluntary excess
Increasing the excess on your home insurance will lower your premiums. Consider whether your savings will cover the excess in the event you need to make a claim.

3. Improve your home security
Installing extra security features, such as burglar alarms and high security locks, can bring your premiums down. Joining a Neighbourhood Watch scheme can also reduce your costs.

4. Think twice before claiming

If the opportunity to claim on your home insurance presents itself, consider whether making a claim would be worth your while. If your claim is for a minor issue, you may be better off paying for repairs yourself.

5. Pay for your coverage in one go
Your insurer may allow you to pay for your coverage in instalments, but you may get charged interest. If you cannot afford to pay upfront, consider using a zero interest credit card.

Home insurance does not have to cost a lot; you can lower your premiums and still maintain sufficient coverage.