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Guide to lower contents insurance

This guide to lower contents insurance bills outlines how to reduce contents insurance payments.

Are you paying too much to cover your contents?

Lower my contents insurance payments - compare contents insurance premiums

The easiest way to lower your bills is to compare contents insurance policies.

Don't assume that because your premium was cheap last year, that the same company is the cheapest this year.

Buy online

Comparing policies online isn't just about shopping about. Some of the cheapest policies are only available over the internet. Buying online can knock a third off your bill.

Combined home insurance

Insuring your whole home - the contents AND the building - with one insurer can lower your bills even further (another 20%, say).

And it can be convenient if you have to make a claim on both policies (in the event of a fire, for example).

However, it may not be cheaper if your area is much higher risk for buildings than contents cover (or vice versa) – you live in an area that's at high risk of flooding, say, but which has few burglaries.

We take account of all this when we find you the best home insurance.

Lower my contents insurance - lower your bills with the right level of cover

Contents insurance protects your belongings against theft and against damage caused by water or fire. But there are differences. So make sure you pay for only the cover you need.

Amount of cover for your contents

One of the main factors affecting your content insurance bill is how much your possessions are worth.

It's worth spending time getting this right. If you over insure, you'll pay too much and if you under-insure, you may not get the full payout in the event of any claim.

To work out your cover, go round the house and add up the value of our contents. Don't miss small items like jewellery, phones and MP3 players. Include garden plants and furniture, if relevant.

To help you get the amount right, use the spreadsheet produced by the Association of British Insurers as a guide.

Lower my contents insurance payments - tips for lower insurance bills

Some insurers give discounts to older people, as they see them as a lower risk. You can't do much about your age. But there are several other ways to get cheaper contents insurance.

Excesses and no-claims discounts

The excess is the first part of any claim you have to pay. The higher the excess you agree to, the lower your contents insurance policy will cost.

You may get a no-claims discount with some insurers – up to 60% even after several years without a claim.

These two factors may mean it's not worth claiming for small amounts – the amount you get after the excess may be more than you lose in no-claims discount.

Security discounts

You may get discounts for approved alarms and certain types of locks on doors and windows.

In fact, you might need these locks before some insurers will even cover you.

Don't rush out and buy an alarm though. Approved ones can be expensive and require annual services – so may cost you more than any reduction in bills.

Joining the neighbourhood watch scheme may also help lower your bills

It's cheaper to pay up front

If you can, pay for your contents insurance upfront. Paying monthly is often treated as a loan, so you'll pay interest, which can be up to 30%.

Lower my contents insurance bills - use the extras

If your policy includes extras, make sure you use them. You may be covered for:

Replacement locks if you lose your keys
Damage caused by washing machine leaks
Insurance when you're moving home
Downloads, such as music downloaded to a stolen iPod
Spoiled food in your freezer if it breaks down

Of course, you can lower your contents insurance bills by not paying for cover you don't need.

If you don't have a garden of a freezer full of food, there's not much point paying extra to insure them.

Lower contents insurance brought to you by LowerMyBills from Experian

The LowerMyBills lower contents insurance guide was created to help you understand how to lower contents insurance bills –compare contents insurance premiums, use the right level of cover, look at excess, security and paying up front, and the extras- giving you the information you need to reduce your contents insurance bills and lower your contents insurance payments.