Getting home insurance cover can come with a hefty price tag, and the costs have risen during the lockdown to reach a seven-year high back in September, according to research from MoneySupermarket.com.
However, Claims Mag reports that the average home insurance premiums have dropped by 1.2 per cent thanks to a reduction in break-ins and water damage claims.
Residents in Guernsey are paying the most for home insurance, followed by Harrow, Ilford, and Barking. But how can you combat rising prices?
One solution is to look for a combined policy that covers both building and contents instead of purchasing them separately if you own your property.
According to confused.com, the average price of a combined policy fell from £154 in 2019 to £152 in 2020.
You could be saving around £24 a month, or £288 a year, if you buy a combined policy, instead of buying two separate covers. The average cost of a buildings-only insurance policy is £111, according to MoneySupermarket, and a policy that only covers you for contents is £65.
Confused.com also said homeowners could potentially save hundreds more if they shop around for a policy. It said 51 per cent of customers could save up to £104 on a combined policy by comparing quotes.
You can compare deals on its website, or you could also use sites such as MoneySuperMarket.com or Uswitch.
A home security system can also help reduce insurance premiums. Not only will installing a burglar alarm bring you peace of mind, but it could help to cut your home insurance bill.
According to MoneyExpert, your provider may offer you a reduced premium if you have installed an alarm.
If you’re looking for burglar alarms in Slough, visit our website today for more information