5 Ways to Lower Your Home Insurance Premiums

Tired of overpaying for home insurance? Home insurance premiums can creep up over time, especially if you’ve spent years buying insurance from the same provider, leaving you with a premium that’s significantly higher than the market rate.

With more than five million households in the UK uninsured, it’s never been more important to access cost-effective home insurance. Below, we’ve listed five simply but effective tactics that you can use to negotiate a better deal and pay less for your home insurance policy.

Compare other insurance providers for better rates

When you stay with the same insurance company for several years (or several decades), it’s easy for your premiums to creep upwards faster than inflation.

Many insurance providers increase premiums at a higher rate for customers than the general public — a practice that’s known as “price walking.” Over time, this can result in you paying 10, 20 or 25% more than you need to for your insurance policy.

If you’ve noticed your premiums creeping upwards at an unusually fast pace, it might be a good time to compare your current insurer to the competition. Often, you’ll be able to find a deal that’s significantly cheaper than your current insurance policy.

You’ll normally find the best deals from specialist insurance providers. Websites like and other companies offering specialist insurance policies often have competitive pricing that’s great for cutting down your insurance costs.

Negotiate with your current insurance provider

Found a better deal for home insurance? If you don’t want to change providers, you can also try to negotiate with your current insurance provider.

The UK insurance industry is one of the most competitive in the world, meaning that companies are constantly vying to acquire new customers and retain existing ones. As a consumer, this can give you more leverage than you’d expect when it comes to negotiating.

Before you start negotiating, make a list of the better deals you’ve found from other companies, then contact your existing provider. Let them know you’re considering cancelling and there’s a good chance that they’ll be open to negotiating a reduced premium.

Look for relevant, specific discounts

Did you know that many insurance companies offer discounts for retirees? Or that you might be able to access lower insurance rates if you or your spouse spend most of your time inside your home?

Insurance companies offer a range of discounts if you fit their profile of a low-risk customer. Try to ask about specific, relevant discounts the next time you talk to your insurance provider — you might be surprised by what’s available.

Raise your deductible for a lower premium

Another easy way to reduce your premium is to raise your deductible. This is the total amount of money you’ll need to pay in the event of a loss, all before your insurance company pays a claim according to your policy.

While raising your deductible will cost you more in the event of a break-in or other situation that requires you to make a claim, it will usually result in a lower deductible. If you live in a safe area and have few concerns about break-ins or other issues, this is often worth doing.

Combine your policies with one provider

Finally, if you currently buy car insurance from a different insurance provider, you might be able to lower your premiums and pay less for both your home and car insurance by buying both from the same insurance company.

Many insurance companies will offer a discount on your premium if you buy multiple insurance policies from them. This is always a good point to have available while you’re negotiating rates with your insurance company and trying to lock in the best pricing.