How To Pay Less On Home And Contents Insurance
Below is a MRR and PLR article in category Finance -> subcategory Insurance.
How to Save on Home and Contents Insurance
Summary:
Last year, buildings insurance costs rose by 1%, averaging over £205 annually, while contents insurance increased by 2% to an average of £151. Some insurers like Norwich Union raised prices even more, up by 6%. Despite high competition, prices continue to rise due to various factors.Why Are Prices Increasing?
1. Rising Repair Costs
The cost of labor and building materials is escalating, leading to higher rebuilding costs for insurers. Inflation affects their operating costs as well, causing an upward trend in premiums.2. Extreme Weather Events
The UK is experiencing more severe weather, impacting insurance claims. Floods, like those in Cornwall and North Yorkshire, result in claims ranging from £15,000 to £30,000, costing insurers millions annually.3. Increased Burglary Claims
Burglary claims average around £1,400. Homes are filled with valuable electronics, and posh areas are targeted for expensive items like jewelry, driving up claim values. Insurance companies use local statistics to set premiums, so areas prone to crime or natural disasters may have higher rates.How to Lower Your Insurance Costs:
Shop Around
Look online for the best deals, as many insurers offer a 10% discount for online customers. Direct debit payments can also lead to savings. Avoid automatically renewing with your current provider; new customers often get better deals.Enhance Home Security
Invest in security measures like neighborhood watch programs, external lighting, burglar alarms, security window locks, and industry-approved door locks. These improvements reduce premiums and provide peace of mind, offsetting initial costs.Play the Game
Stay flexible and willing to change insurers annually. Don't settle for high prices?"there's always a better deal available.Taking these steps can help you better manage and reduce your home and contents insurance costs.
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