Equity release news: Increasing home security 'could reduce insurance premiums'
14-02-2012 11:17
Using equity release to fund home improvements may help individuals to reduce the cost of their insurance premiums.
Personal lines insurance broker at Portwood and Co John Portwood explained how boosting the security of a property is one way to lower policy payments.
He recommended investing in "good locks or an alarm with central monitoring", as such features could help people achieve new quotes from companies.
Another suggestion was to increase the excess on the policy, as this will mean the insurer has to pay out less in the event of a claim.
Alternatively, Mr Portwood noted a more radical change such as moving to an area with a low crime record or downsizing could bring insurance costs down considerably.
The comments follow a recent report by Sainsbury's Home Insurance that revealed 72 per cent of people are planning to shop around for a more competitive policy.
It also found 27 per cent of individuals have been with the same provider for between three and six years.
Equity release plans from Ashall Glover Financial Services
Posted by Patrick Ashall
