Our Top Six Tips for Combatting Rising Premiums

It’s no secret that things seem much more expensive than they used to be. This ranges from anything like your weekly food shop to heating and bills. One thing that isn’t exempt from these rising price is how much you pay for your insurance. Whether that be protection for your car or ensuring your car stays safe, it all costs more at the moment.

At Source, we strive to provide optimal deals for our customers, ensuring everyone is able to access competitive prices for their home insurance, whilst still offering top quality cover to keep your home safe.

We want to highlight six useful ways for you to help keep the rising prices down, without compromising the quality of protection you’re receiving. Ultimately, we want you to save as much money as possible on your home insurance, but not at the expense of the integrity of the quality of your protection.

Why Are Prices So High/Rising?

As we all know, the cost of living means everyone is feeling less confident about their expenditure.

This is no different for insurers, who are experiencing heightened claims volumes alongside rising administrative and running costs. According to statistics, insurers are paying out approximately £8.6m per day, with an average cost of £4,600 for each claim.

In particular the costs incurred when paying out claims due to: 

– Worldwide shortages of materials 

– Labour shortages in the construction industry 

– Increases in alternative accommodation costs

In short, premiums are rising because the cost prices for insurers are increasing. 

How Can Source Help You to Save Money?

Source want to work with our customers, or anyone looking for assistance, to help combat against these premium increases. There are many ways we can do that. Take a look at the following tips and advice, so you can spot the different things to keep in mind when searching for your perfect insurance policy.

Don’t Pay for Cover You Don’t Need

Read your documents carefully, particularly the schedule, to make sure you haven’t bought irrelevant extra cover or are duplicating cover provided by another policy. This can save you money while shielding what you need to protect most.

By ensuring you cover all bases, you may end up with some features that are already covered. Because of this, we recommend talking to your adviser and getting them to offer advice on what areas may be ‘double-booked’, so to speak.

Combine Policies

Consider combining building, contents, home emergency cover, and away-from-home cover Source’s new insurance product, Source Home Insurance, includes mobile phone cover, for example, for more efficient and often cost-effective protection.

This strengthens your protection over several areas you may have yet to consider beforehand or may not have known were available for protecting. You can always find out what’s covered under a particular policy by looking at the comparison charts, which can be accessed through your adviser, or usually through the company’s website.

Higher Excess for Lower Premiums

Choosing a higher excess can lead to a reduced premium. This common strategy is effective for those who can manage the higher upfront cost in the event of a claim. Much like when insuring a car, when you choose to voluntarily pay a larger excess in the event of a claim. This can help you out significantly in the long run, saving you money whilst keeping you insured.

Value Over Cost

A ‘cheap’ policy is cheap for a reason – you get what you pay for. You’ll be better served by a high-quality policy that covers your requirements and meets your needs. Find somewhere, like Source, that offers competitive prices for high-quality cover, so you don’t have to sacrifice one for the other.

Consult Before Claiming – It Might Not Be in Your Best Interests!

Even small claims can make a significant difference to your renewal premium, so you might be better off in the long run by not claiming for small amounts. This will also link to your voluntary excess. By not claiming for smaller amounts, your excess remains untouched, meaning you won’t need to pay out of your own pocket to help with the claim.

Risk Reduction Measures

Install and use equipment that can reduce risk, such as burglar alarms and window locks. Simple steps like preparing your home for winter can significantly reduce the risk of incidents that lead to claims. Read more about preparing your home for winter with our blog here.

At Source, we offer quality products that cover all your needs whilst ensuring you have access to competitive prices. These factors help Source deliver an experience that puts the customer’s needs first and foremost.

If you need to contact us further to find out more about how we can help you, then please ring us on 02920 265 265. Alternatively, you can chat to one of our specially trained agents through our Livechat feature on our website.

If you need additional financial advice outside of Source, you can visit the Citizen’s Advice website here.