Your property is usually your most important asset, not least because it provides a roof over your head. However, this doesn’t mean that you should be paying over the odds to protect it with an insurance policy. Here we look at some ways to help you get the cheapest deal available.

‘Buildings’ and ‘contents’ explained

First of all, remember that home insurance involves two aspects - Buildings and Contents. Buildings, as the name suggests, protects the building itself against things like fire or flood. Contents is a little different in that it protects the possessions inside your home. Contents insurance will protect against things like water damage or fire and also against theft. Most policies cover things like electrical goods, jewellery, clothes, and even the food in your freezer. A good guide is to think about what you’d take with do if you were to move house. This is typically what will be covered by a contents policy.

Buildings and contents insurance can be bought from different providers or can be lumped together in one policy from one company. Just because the two are together does not necessarily mean they are going to be cheaper. It may pay to shop around and mix and match the different types and see what total cost you come up with.

If you’re a tenant living in a rented property, it’s likely that you don’t need buildings insurance. As the building is not yours, the risk itself lies with the property owner who will most likely have landlord insurance. If you’re renting and have got a home insurance policy which covers buildings and contents, you may well be paying for something you don’t need.

What’s in your home?

Some people may be able to make an instant impact on their costs by thinking about what’s currently in their house. When you take out a contents insurance policy, you’ll be required to estimate the value of your possessions. Think carefully about what is in your property at the moment compared to what was in it when you took out the policy. Have things changed? Perhaps you’ve sold a potentially valuable item or passed a piece of expensive jewellery on as an heirloom. If the likely total of your home contents has come down, telling your insurer could mean that your premium costs fall.

For example, if you had a piece of jewellery worth around £2,000 which has since been given to someone else, this could bring down your premium. Tell your insurer it’s no longer in the house and ask if they’ll reduce costs as a result.

Improve your security

In a similar way that improving car security can help make things cheaper, the same applies to your home. Essentially, making it as difficult as possible for a burglar to break in may see your premium shrink. Devices such as burglar alarms, improved and refitted locks and security lights could make it harder for thieves and as a result the risk to the insurer goes down. You could call them and ask what measures could improve your premium - carry them out, then ask for a new quote. Even the lock on your front door can make a difference. A flimsy catch door lock, replaced with a multi-point heavy duty system could potentially affect your premium.