We’ve all read of the heart-breaking stories of families whose homes have been destroyed by fire or flooding, shortly after they cancelled their buildings and/or contents cover because they were struggling to afford the premiums.
A report by Close Brothers Premium Finance published in Insurance Times in September found that more than a quarter of people have cut back on their cover in the past 12 months because they could not afford it.
But cutting back on insurance can be a false economy. If bad luck strikes and your home is badly damaged, not having cover to replace your contents will be an added blow.
Here are a few tips to help you save money on your insurance
- Change to monthly payments to spread the cost
- Chat with your broker to check your renewals and make sure that you have the cover you actually need
- Check each policy, small changes can make a price reduction
- Has your address changed recently?
- Is the value listed correctly?
- Do you have an alarm?
- Is your credit report up to date and correct?
- Use a local broker as they’ll check the whole market for you
If you or someone you know is struggling to afford cover, ask them to speak to Coversure to help them find an affordable insurance package that is right for them.