Who doesn’t want to save money? The answer: no-one. We all want to save money where we can, either to bring our outgoings in line with our income, or to save for a big item like a car or a house deposit. Some ways of saving money are obvious – take a packed lunch to work instead of buying lunch every day (which could save you up to £20 a week), cut down on pub trips or meals out, and do free activities like a day at the beach instead of a costly day trip to a theme park. When it comes to saving money on less tangible things, like your utilities bill or your home insurance it can be a bit harder because you’re not reminded of the costs every day or every week. If you pay by direct debit you may not even really know how much it all costs because you’re not involved in making every single payment – it’s easy to overlook these quarterly costs or monthly direct debits when making a budget.
To save money on your home insurance, start with your current policy and provider and see what you’re paying compared to other providers. Price comparison websites are a great resource for this, but do remember that some insurers aren’t on these sites and could provide better prices if you go direct to them. Reading the fine print on your home insurance policy is hardly thrilling stuff, but careful scrutiny of the clauses will show you exactly what is covered, and what isn’t. Armed with this information, speak directly to your insurance company and ask what discounts are available for having a burglar alarm installed.
Not all insurers offer a discount for having an alarm, and then there are other insurers who will insist on an alarm as a basic requirement of insuring you in the first place. Your insurance premium is based mainly on where you live, so in some high crime areas an alarm system is a must-have, while in other, lower crime areas an alarm isn’t required for cover, but can bring your premiums down.
There are different types of burglar alarm, so while they’ll all make a noise to scare off intruders, some can be monitored, either by yourself and/or a nominated keyholder (who would be the responsible person if you were out of the country) or by 24 hour monitoring services like ours. These ensure that false activations don’t result in a police call out and that the alarm can be turned off (so you don’t annoy all your neighbours). It’s worth checking with your insurance company whether there are different discounts given for different types of alarms. If there are, it’s likely that a monitored system (watched over by a monitoring service like ours) will garner you the biggest discount. Weigh up the costs of the monitoring service against the discount to see whether it makes financial sense to go down this route, but keep in mind that a monitored service is an investment in the safety and security of your home – can you put a price on that?
Smart systems are becoming more popular, and while you probably won’t get any money off for having a video doorbell, however, it’s worth keeping your finger on the pulse as insurers may start to offer lower premiums to households who can demonstrate their commitment to security by using these extra measures. CCTV, lighting programmes which emulate occupation and well hidden safes are all things which are worth doing for the enhanced security of your home, and in time insurers may start to offer lower premiums to households who have these in place.
We can’t promise a discount on your home insurance, but we can guarantee that if there is one to be had, we’ll be able to provide the products and services your underwriter stipulates so you can bag that money off. Now, what are you going to put it towards?