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Susan Care
Susan works as editorial assistant and researcher on personal finance stories. She also writes on a number of breaking news stories, as well as offering great money saving tips to shopping-savvy consumers.
20 September 2011
Monthly home insurance seen as more expensive
Paying for home insurance via monthly instalments could add an extra 10% to the cost of your original home insurance price.
Paying for home insurance via monthly instalments could add an extra 10% to the cost of your original home insurance price, new figures show.
Despite the fact that monthly bills look less scary than annual payments, recent research by a leading comparison site has found that paying every month for your home insurance ends up being more expensive than paying once per year.
According to the study, consumers paying for monthly instalments may have to pay an additional 11.89% on top of the cost of the original premium.
If you are looking to save money on your home insurance paying annually can reduce your overall home insurance bill. Another recommendation is to shop around in order to save money. Figures state that looking for the best monthly deal can reduce the overall price by 5.36%.
Compare home insurance
Search and compare home insurance premiums is top advice if you wish to pay less for your home insurance. However, there are other tips that could help you find cheaper home insurance premiums.
Overall, what will help to reduce your home insurance is to keep your house as safe as possible, here are some tips you can follow:
- Essential security systems: Install a smoke alarm and a wiring alarm system – the NACOSS standard alarm can cut premiums with some companies by 7.5%.
- Ensure that your home entrances are lit. Installing lights with an infrared detector next to the main doors will give the impression that you are at home.
- Check what is already covered by your building insurance policy. Subsidence, one of the most common problems is generally covered, so be aware of that so you don't pay twice for the same cover.
- Think twice about what you cover. Some extras can increase the price by up to 25% so spend some time asking yourself what you really need.
- Claim as little as possible. A no claims discount can save you money on your premiums, so only claim in case you really need to.
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