Upgrading home security could reduce insurance premiums as costs continue to rise. According to experts, simple measures such as changing door locks, combining policies, and shopping around could lead to significant savings.
Households across the UK are grappling with increasing home insurance costs, with premiums rising by an average of 16% in the past year. As families look for ways to reduce expenses, experts are highlighting simple security upgrades that could lead to substantial savings.
One effective measure is upgrading door locks, which can reduce insurance premiums by around 5%, according to Alicia Hempsted, a home insurance expert at MoneySuperMarket. The financial comparison site also advises homeowners to reassess their coverage, ensure their property is correctly valued, and consider bundled policies for additional savings.
Lock Upgrades and Policy Adjustments Can Reduce Premiums
Enhancing home security by upgrading locks is a simple yet effective way to lower insurance costs. According to Hempsted, installing a BS3621 five-lever mortice deadlock or a night latch can improve security and reduce the likelihood of burglary. As a result, insurers may offer lower premiums, recognising the decreased risk of break-ins.
Other cost-saving measures include increasing the policy excess, which can lead to lower monthly payments. However, this requires homeowners to ensure they can afford the higher upfront costs in case of a claim.
Households could also benefit from reviewing their policies to avoid overpaying. According to Anna McEntee, an insurance expert at Compare The Market, many homeowners mistakenly insure their property for its market value rather than its lower rebuild cost. Adjusting coverage to reflect actual rebuilding expenses could prevent unnecessary overspending.
Additional Security Measures and Comparison Shopping
Beyond lock upgrades, other security improvements can help lower insurance premiums. According to Hempsted, installing additional smoke alarms and participating in a neighbourhood watch scheme can contribute to lower rates. Insurers tend to reward proactive security measures, as they reduce the likelihood of claims.
Comparing insurance providers is another way to secure better deals. Shopping around can save policyholders up to £225, with an extra £55 in potential savings through tailored filtering options, according to MoneySuperMarket.
A recent case study highlighted by Compare The Market revealed that a homeowner reduced her premium from £507 to £380 by switching providers.
Consumers are also advised to check for duplicate coverage. According to McEntee, holding separate policies that cover the same risks can lead to unnecessary expenses. Streamlining insurance plans and selecting comprehensive policies can prevent overspending while ensuring adequate protection.
