We all know it is imperative to have home insurance. Home insurance covers any mishaps that might occur and enables you to replace the contents of your home and even the home itself!. There are different types of home insurance and the premium you pay will of course depend on the type you choose and the level of cover you choose.

However there are other factors which can be taken into account and there are certain precautions you can take to ensure your premiums are as low as possible. Here are the top 5 tips to help you reduce your home insurance premiums.

1. You could save as much as 7.5% on your home insurance premium simply by installing an excellent quality alarm system. The better protected your home, then the harder it will be for thieves to break in. Do note that there are certain types of alarm that are preferred by insurance companies, so simply installing an alarm system might not be enough to bring down your premium. It is always worth seeking advice from the insurer when thinking of protecting your home by installing security.

2. Since the majority of fires caused in the home are caused by cooking and smoking, installing smoke alarms in your home can reduce the premium you pay. Most insurers will ask if you have taken the precaution of installing smoke alarms and in some cases they are a requirement.

3. Increasing the amount of money which you willing to pay in excess of a claim can reduce the premiums. For example you could make a saving of over 5% if you were willing to pay 250 excess.

4. If you are living in a neighbourhood which has a neighbourhood watch scheme then by joining this you could save yourself as much as 5% on your premiums.

5. Finally, give some thought about the amount of cover you really need, especially the add-ons. You could save yourself as much as 25% in premiums if you dont include accidental damage cover in your policy. Also keeping your no claims discount down will save you money, so never make claims for the smallest thing.