Top Tips to Save on Home Insurance

New research from Legal & General reveals that 93 per cent of Brits are planning to make major financial cutbacks in the home as a result of the economic turmoil.

One of the top ten ways homeowners plan to beat the downturn is to shop around for cheaper home insurance. Indeed this action is to be encouraged as most homeowners could enjoy equally comprehensive coverage for considerably less if they take advantage of introductory offers and use a comparison website to gain a complete overview of the market.

However, shopping around for cheap home insurance isn't the only way to cut your insurance costs. Here are some more top tips:

- Fit a house alarm - Discounts are available for as much as 7.5 per cent if you fit an insurer approved burglar alarm.

- Other security devices - Security lights, time-switch lights, cameras and more could all earn a discount.

- Age - You can't control your age, but living with an older person could reduce your premiums as older people tend to be at home more often.

- Fit a smoke alarm - Many insurers will offer discounts for smoke alarms that offer fast alerts to home fires.

- Join a Neighbourhood Watch scheme - Get to know your community better and potentially save on home insurance by joining a watch scheme.

- Build up a no-claims discount - Try to avoid making claims for minor incidents as there are massive discounts to be enjoyed if you are claims-free.

- Pay annually - Paying your home insurance premiums in one chunk will cut out monthly interest charges.

- Increase voluntary excess - Set it at a level you can comfortably afford, but high enough to keep your premiums low.

The key however, is to shop online for home insurance. Most providers offer cheap home insurance through their websites because of the reduced overheads involved in arranging a policy.

By Alex Gregory