In the current cost of living crisis, you might be wondering whether some of your insurance policies are dispensable. But we can’t plan for everything, and with home insurance cover there’s the peace of mind that you’re protecting your beloved possessions, and yourself from any costly future bills - whether you’re a homeowner or renter, student or landlord.
So what are the other options? Well, it’s time to get smart with your home insurance and look at how else you can make some savings.
What is covered by home insurance
There are several different types of insurance, from life insurance and travel insurance to car insurance and pet insurance.
But when it comes to home insurance, there are only three types that you need to know: buildings insurance, contents insurance, and combined building and contents insurance.
Your home's physical structure - everything from the bricks and doors to the fireplace and shower – is covered by buildings insurance.
Contents insurance, however, covers the actual possessions in your home like your TV, for example, or your prized three-seater, against damage or theft. And combined, as the name implies, allows you to take out both buildings and contents insurance with the same insurer to keep things simple.
How to save on your home insurance
Saving on your home insurance doesn’t have to be a chore.
Building up your no-claims discount if you’ve gone several years without claiming, can often help fix you up with a good deal, as can paying annually or asking for a lower excess.
There are also several home improvement adds that we at Ideal Home would always recommend including insulating your water pipes and upgrading your home security.
Probably the best way to save though is by keeping your eye out for a good deal - a task made easier with MoneySuperMarket. According to Consumer Intelligence, 51% of consumers could save up to £170.96 by shopping for their home insurance with MoneySuperMarket.
Compare home insurance policies from up to 65 brands including LV=, Churchill, Halifax, and Admiral, and discover a whole host of clever ways to save a lot, by doing less. Plus all policies on the site are backed by the MoneySuperMarket Price Promise, so if you find a like-for-like policy cheaper elsewhere, they will refund the difference and provide a £20 gift card.*
Find a cheaper deal on your home insurance with MoneySuperMarket now.
*Restrictions and T&C’s apply, click here for details
