Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 15th of August 2018
July 19, 2010

Nine ways to save on home insurance

by Gill Montia

Story link: Nine ways to save on home insurance

Defaqto is promoting a number of ways in which to reduce the cost of home insurance without compromising on cover.

The research firm’s analysis of 297 buildings and 298 contents policies revealed that 19% of policies give a discount for online purchases via the insurer’s website, while 85% discount premiums when buildings and contents cover are purchased from the same provider at the same time.

Eighty-six per cent reduce premiums in return for a higher excess and 67% offer a “no claims discount” when a policyholder proves to be claim free.

Simple security measures also help, with 69% of contents policies offering discounts for intruder alarms; 64% for approved door and window locks and 22% for smoke detectors.

Furthermore 43% of contents policies under scrutiny have more favourable terms for Neighbourhood Watch members and 30% don’t charge extra for payment by monthly direct debit.

Defaqto’s head of research, Brian Brown, says: “We have identified nine ways to get a discount and only one of them – raising the excess – impacts on the actual insurance coverage.”

 

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