How to lower your house insurance premiums

Nov 27 • Loans / Mortgages / Insurance • 3443 Views • No Comments on How to lower your house insurance premiums

The average price of house insurance premiums is currently at an all time high with the average combined building and home contents insurance costing a homeowner £205.55. The main culprit for the rise is costs is building cover which has risen by a colossal 58% over that past seven years with a substantial 23% of this figure occurring since 2009.

But what is causing this increase in premiums and what can you do to lower them?

The main cause of a claim is water damage generally caused by frozen or broken water pipes and water tanks. Storm related claims also rose by an incredible 68% in the last year according to one of the best know comparison websites.

Many insurance companies blame an increase in severe weather conditions for the rise in premiums; over recent years the UK has experienced weather conditions that would usually be unheard of. This includes violent wind, record breaking floods and even hailstorms which have left some of the county’s homes in much need of repair.

These extra pay outs have put the insurance industry under strain and have forced an increase in premiums where extreme weather conditions are likely to affect building structures.

To lower your house insurance premiums and to protect your home from water damage a simple solution is to insulate those water pipes and ensure that the structure of your building is sound. The more protected your building is the lower your premiums and with less claims being made some companies also offer no claims discounts.

It is important to research what damage is covered by your insurance company. Some insurance companies such as go so far as to insure against the cost of locating the source of the water damage where some may only offer cover up to a capped figure.

Although higher premiums are unavoidable in some areas, by taking the right precautions and reading the small print you will have the right amount of coverage for the lowest premiums possible.

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