a classic cottage

Home insurance premiums are rising by 16/17% according to consultants EY Global. In many cases increases are over 20% as banks, building societies and online insurers react to inflation and storm damage. This means many homeowners are paying over £1500 a year for home insurance.


Fight back against the premium increases.

Below are four tips that can help you fight back against increasing home insurance premiums.

Improve Home Security

  • Locks – 5-lever mortice locks with Yale locks as secondaries are ideal locks to have for wooden doors. Also having multi-point locking systems where three locking points operate simultaneously for UPVC doors. It’s also worth noting that insurers prefer to see that a home has key-operated window locks.
  • Alarms systems – Insurers provide lists of approved/recognised systems that act as a deterrent to thieves.
  • Safe Storage – Installing a safe for valuable items, such as watches, jewellery and other valuables.
  • Consider electric gates or locked bollards – If you have a personal driveway these can reduce both home and motor insurance premiums.
  • Install smoke alarms and fire alarms – These are essential safety measures regardless of insurance premiums.

Use An Insurance Broker.

At Elevate, we review the market of specialist insurers that aren’t available online or through mortgage lenders, to ensure homeowners have the right cover at the best price. Listed building issues such as restating buildings and building contents to the same condition and choosing to not simply replace will not be considered.

Choose To Have A Higher Excess.

This means accepting to pay the first few hundred pounds of a claim, the higher the excess you’re willing to pay, the bigger the reduction in the insurance premium. At Elevate we offer Free Excess Protection so you can cut your premium and still be mostly protected.

Don’t Cut Corners.

We understand that it may seem tempting to reduce sums insured or use insurers you’ve never heard of, but don’t! If you insure buildings or contents for less than their real value, insurers will be more likely to reduce any claims they pay out. Another reason why larger, reputable insurers pay out more claims is because they typically offer wider coverage and want to protect their brands.


Do I need home insurance?

Mortgage lenders may insist on building insurance but you don’t have to insure your contents. However, if you have a fire, flood or burglary, you may need to rely on savings to replace everything inside the home.

Does the policy cover my home while it’s being renovated?

Most home insurance policies exclude renovation and may be cancelled if you start major building work or renovation. Separate renovation insurance can be arranged to protect the existing home and the work being carried out.

Does home insurance cover watches?

This depends on the value of the watches, high value watches such as Rolex, Breitling or Tag Heuer usually require specialist home insurance as the values are too high for standard policies.

Can I insure a property that is not my permanent residence?

Yes, specific landlord insurance or holiday home cover can be arranged. A second home not rented out may be added to the primary residence in a single policy.

How do I find the rebuild cost of my property?

The rebuild cost is not the same as the market value of your home, it can be higher or lower. Probably the best way is to use the Building Costs Information Service calculator.

If my home insurance covers computers and printers, do I need separate insurance to work from home?

If the equipment is owned by you these may be covered by your home insurance but if they are owned by the business probably not. It is important to check with your insurer if you work from home.

Does home insurance cover public liability?

Most home contents insurance policies provide cover your liability to third parties but buildings only cover may not. Levels also vary so speak to a broker to get advice.

If I lose my keys, will the policy pay for replacing my locks?

Specialist policies for high-value homes and listed buildings usually cover this, but standard online policies may not.

Do I need specialist insurance if I am building my own house?

Yes, specialist policies are required and Elevate can help arrange them.

Posted on 30 November 2023 in Home Insurance