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red wine spill on carpet

There’s less reason to whine about home insurance costs

Good news - we’re paying less for home insurance than we were a year ago, which is a bonus when we’re faced with mopping up the costs of red wine spills, according to two new pieces of research.

The Association of British Insurers (ABI) says the average paid for buildings insurance in 2014 was down 6% from the previous year, while contents insurance was 5% lower.

Meanwhile insurers NFU Mutual report that 10% of all accidental damage claims related to drink disasters –with red wine accounting for more than a quarter. Most of them (73%) were on carpets and soft furnishings, but just over a quarter (26%) were for laptops.

How to get the best deal on your home insurance

The ABI research found the average price paid for home cover in 2014 was £230 a year and for contents £124. The benefit of combining the two was an average cost of £291, potentially saving more than £60.

Of course, prices can vary widely, and cheaper doesn’t necessarily mean best for you. Here are our top tips for getting the best deal on your home insurance:

Shop around

Use comparison sites to get an idea of different prices. You can also use a broker to help find the one that best suits you.

Check you are getting the cover you need

Some things – such as accidental cover – aren’t always included as standard. So make sure the policy covers the kind of things you might claim for, such as red wine on the carpet!

Make sure it’s the right level

Underinsure and you’ll pay less – but you won’t be fully covered. Over-insure, particularly on buildings, and you’ll be paying far too much.

Buy contents and home together

You often get a discount for buying them at the same time through the same company. It’s also worth seeing if you can get money off through your mortgage provider or bank.

Don’t auto-renew

As with all insurance, you’re unlikely to be getting a good deal if you let your policy roll over. Shop around, see what deals are around then see if your provider can match – or even beat – the competition. If not, take your business elsewhere.

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