There are loads of ways to lower your home insurance costs these days.

10 ways to lower your home insurance costs

With the cost of living in Ireland increasing, it’s essential for people to be proactive and save money wherever possible, both outside and inside the home.

With that in mind, Irish house alarm provider PhoneWatch has compiled a list of everything a household should consider to help lower their home insurance.

Here are 10 top tips from PhoneWatch on how to lower your home insurance costs:

Get a quote from at least three different providers:

One of the most effective ways to lower your home insurance premiums is to compare quotes from multiple insurance providers. Quotes can differ for similar coverage with each different home insurance provider.

Bundle car and home policies:

Many insurance companies offer discounts if you bundle your home insurance with other policies like car insurance. Combining your policies with the same insurer can lead to significant savings.

Increase your excess:

Increasing your excess (the amount you pay out of pocket before your insurance coverage kicks in) can lower your premium. Just be sure you can comfortably afford the higher deductible in the event that you need to make a home insurance claim.

Seek loyalty discounts: If you've been with the same insurance company for an extended period, inquire about loyalty discounts or other incentives they may offer to retain your business.

Don’t under/over value your contents or property:

Home insurance can be divided into two separate policies; buildings insurance, which covers the cost of a home rebuild; and contents insurance, which covers personal belongings within the home. While under or overvaluing your home and its contents may lead to a lower quote, it may also result in more exposure in the occurrence of an unexpected event.

Consider the age and condition of your home: Newer homes or homes with recent renovations may be less expensive to insure due to their better structural integrity and safety features. Upgrading your BER may also lead to additional savings with insurers.

Maintain a no-claims history:

Insurance companies often offer discounts for policyholders with a history of few or no claims. Avoid filing small claims if possible as they can lead to increased premiums.

Consider the location and property type before buying a home:

The location of your home can impact insurance costs. Homes in areas with higher crime rates, burglaries, or greater environmental risks such as flooding may have higher premiums. The property type may also affect the home insurance coverage. Some insurers for instance may refuse to insure thatched homes due to the increased risk of fire damage.

Pay annually:

Once you’re ready to purchase a home insurance policy, pay annually if you have the funds available. Opting to pay monthly will just mean that you pay more over the long term.

Improve your home security and fire protection:

Installing security features such as a home alarm system can reduce your insurance premiums. Many of the leading insurance companies will offer a discount if you have a monitored house alarm installed by a PSA licensed installer.

Marguerite Cotter, Marketing Director at PhoneWatch, said:“As we come into winter, burglaries and fire incidents become more common, so we want to take this opportunity to remind all homeowners to keep their home security at the forefront of their minds.

“Many aren’t aware that discounts of at least 10% are available across the leading insurance companies if you have a monitored home alarm installed in your home,” she added.