Avoid soaring buildings insurance costs

There have been numerous reports recently about the soaring cost of buildings insurance premiums. But help is at hand: according to one website, there are several steps you can take to minimise the impact of rising prices on your family’s budget.

According to the AA Insurance Premium Index, the cost of buildings cover has risen by 14.3 per cent in the last year. This hike has been fuelled by the high cost of claims during two severe winters, but it’s also exacerbated by a rise in fraudulent claims.

Money website Myfinances.co.uk has put together a very handy list of tips to help minimise outlay on buildings insurance. This comprises:

1. Secure your home: there are simple steps you can take such as changing your locks and fitting. Also make sure you insulate your pipes to prevent problems before they arise.
2. Switch to a new insurer: shop around before you commit. Always get your current insurer to give you a new quote and then use this as a benchmark.
3. Consider combined buildings and home insurance: this can save you a considerable amount as some insurers offer a discount.
4. Take advantage of any offers: watch out for introductory offers, online discounts and half-price deals.
5. Pay your premium in one go: paying monthly instalments can be more expensive. If you do want to pay monthly, find a policy where this doesn’t penalise you financially.
6. Don’t over-insure: while you must never be under-insured, be careful that you’re not paying for more than you need. One thing to look at is voluntary excess: this can reduce premiums considerably.

To get more details on these tips, visit Myfinances.co.uk.