How to: Reduce the Cost of your Home Insurance

Did you know that you could potentially save between 2-10% on your home insurance premium when you upgrade your home security systems? The more you spend on increasing your security, the lower your insurance premiums will be as insurers will see the reduced risk of claims being made out against the property. Certain insurers may even be willing to offer you higher savings, hence why it’s important that you shop around.

Leading home insurance provider, Locket Insurance, has recently partnered with Yale to give those who invest in smart security products a fairer price for putting preventative measures in place, as part of the Locket Insiders Programme. Interoperability with other smart devices in your home not only brings added security but convenience too. Designed to work together, Yale’s comprehensive range of smart locks, burglar alarms and outdoor security cameras standalone or connect with each other.

Home insurance policies typically allow you to build up a no-claims discount as a reward for not claiming on your policy. If you don’t make a claim for 12 months, you could see your annual premiums fall for the following year. By not claiming on your home insurance, this saves the insurer the cost of handling and paying those claims, so they pass this saving onto their customers. You could get up to a maximum of four to five consecutive years’ worth of no-claims and, of course, the longer you go without making a claim, the bigger the discount tends to be.

The most common types of home insurance claims are:

• Fire
• Flood and storm damage
• Theft and burglary
• Accidental damage

So, the best wait to avoid the need to make a claim is to minimise the risk of any of these things happening.

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