How to cut second home insurance costs
While scaling back your insurance may seem a good way of saving a few pounds on your premium, buying cheap holiday home insurance based on price alone is false economy if you are reducing cover.
There are legitimate ways of reducing your insurance premium without cutting cover. Here are our tips…
Increase your excess
Most policies include an excess charge, which is the amount the insurer deducts from a claim. If you opt to pay a higher excess (e.g. £100 or £200 rather than the standard £50) this can significantly reduce the cost of second home insurance.
You should bear in mind that you will have to pay more when you do claim and for incidents where the damage is less than your excess, it won’t be worth claiming. You will have to pay out of your own pocket.
Reduce the risk of claims
If you take measures to reduce the risk of claims, your may get a discount on your premium.
Some measures include; fitting approved locks on doors and windows, install a burglar alarm, security lighting, fit bars or shutters on windows, flood defences and installing cut off valves.
Pay your premium all in one go
If you pay your insurance all in one go, rather than monthly (which will incur interest) you will pay less.
Before you choose a policy just because it’s cheap – at the expense of cover, consider a policy that offers the widest cover and ask the insure how you can reduce the premium.