10 ways to lower your house insurance

WITH the cost of living in Ireland increasing daily, it’s essential for people to be proactive and save money wherever possible—both outside and inside the home.

With that in mind, PhoneWatch, Ireland’s leading house alarm provider, has compiled a list of everything a household should consider to help lower their home insurance.

Marguerite Cotter, Marketing Director at PhoneWatch, said “As we come into winter, burglaries and fire incidents become more common, so we want to take this opportunity to remind all homeowners to keep their home security at the forefront of their minds.

Many aren’t aware that discounts of at least 10% are available across the leading insurance companies if you have a monitored home alarm installed in your home.

A spokesperson for Brokers Ireland said: “Ensuring strong security measures for your home not only provides peace of mind but can significantly impact your home insurance premiums.

“Through Brokers Ireland’s extensive network of Insurance Brokers, we encourage homeowners to prioritise home security - a step that not only enhances safety but, along with other tips that the team at PhoneWatch has highlighted, offers financial benefits through lower insurance premiums.”

Here are some tips on how to lower your home insurance costs:

Get a quote from multiple different providers

- One of the most effective ways to lower your home insurance premiums is to compare quotes from multiple insurance providers. Quotes can differ for similar coverage with each different home insurance provider. So, it’s important to get quotes from at least three different insurers or talk to an insurance broker who will offer expert advice and find the most suitable deal for your insurance needs.

Bundle car and home policies

- Many insurance companies offer discounts if you bundle your home insurance with other policies like car insurance. Combining your policies with the same insurer can lead to significant savings.

Increase your excess

- Increasing your excess - the amount you pay out of pocket before your insurance coverage kicks in - can lower your premium. Just be sure you can comfortably afford the higher deductible in the event of a home insurance claim.

Seek loyalty discounts

- If you’ve been with the same insurance company for an extended period, inquire about loyalty discounts or other incentives they may offer to retain your business.

Don’t under/over value your contents or property

- Home insurance can be divided into two separate policies – buildings insurance, which covers the cost of a home rebuild, and contents insurance, which covers personal belongings within the home.

Usually, the standard home insurance policy combines both building and contents to get the best protection and coverage.

Try not overvaluing or undervaluing your home and the contents within as while it may lead to a lower quote, it may result in more exposure in the occurrence of an unexpected event.

It’s important to bear in mind that with the rise of house prices, your house is not underinsured as the price may have risen since you purchased it.

Consider the age and condition of your home

- Newer homes or homes with recent renovations may be less expensive to insure due to their better structural integrity and safety features.

Upgrading your BER may also lead to additional savings with insurers. Raise awareness of any home improvements to insurers that may have enhanced the security or structure of your home and may lead to a lower premium.

Maintain a no-claims history

- Insurance companies often offer discounts for policyholders with a history of few or no claims. Avoid filing small claims, if possible, as they can lead to increased premiums.

Consider the location and property type before buying a home

- The location of your home can impact insurance costs. Homes in areas with higher crime rates, burglaries, or greater environmental risks such as flooding may have higher premiums. The property type may also affect the home insurance coverage. Some insurers for instance may refuse to insure thatched homes due to the increased risk of fire damage. 

All of this is important to consider when choosing where to live and the type of home to buy if you’re looking to get into the housing market.

Pay annually

- Once you’re ready to purchase a home insurance policy, pay annually if you have the funds available. Opting to pay monthly will just mean that you pay more over the long term.

Improve your home security & fire protection

- Installing security features such as a home alarm system can reduce your insurance premiums. Many of the leading insurance companies will offer a discount if you have a monitored house alarm installed by a PSA licensed installer such as PhoneWatch.

Similarly having smoke detectors within the home will also attract additional discounts from some insurance companies. Insurers may seek at least one smoke detector on each floor of your home.

Marguerite Cotter, Marketing Director at PhoneWatch, further stated: “PhoneWatch’s standard monitored home alarm system provides home protection from burglary and fire, with 5 security sensors and 1 smoke detector included for only €49. In the occurrence of an unexpected event, we provide customers with the peace of mind that once the alarm is triggered, we will respond within 15 seconds. Once the incident is confirmed, the necessary authorities will then immediately be dispatched.”

Remember that while these strategies can help lower your home insurance premiums, it’s essential to maintain sufficient coverage to protect your home and assets. Always discuss any changes to your policy with your insurance broker or agent to ensure you’re still adequately covered.

PhoneWatch is Ireland’s leading provider of monitored alarms and home security devices. PhoneWatch has been protecting Irish homes for over 30 years and is proud to be keeping almost 120,000 homes and families safe across Ireland. see www.phonewatch.ie

For more information on regional burglary rates and PhoneWatch’s 2023 burglary report and the benefits of monitored home security systems, visit www.phonewatch.ie/burglaryreport