Spending Diary
If you are looking to save some money in the current financial market then start a diary to record where you are spending your money one of the first things to consider is Insurance the two largest areas for insurance spend are:
How to save some money on these areas of expenditure
When your insurance is due for renewal shop around don't just renew with you current insurer especially if you pay by monthly direct debit its easy to just let it renew but you miss out on all the first year discounts that they give you at renewal.
Last year my household insurance renewal came through and it had gone up by a third the first new company that I telephoned offered me a saving of a couple of hundred pounds compared to my renewal.
I went back to my current insurer to tell them that I wasn't going to renew and they the put me through to a special department who were all pally and then undercut the new insurer by £5 saying they wanted new customers but didn't want to lose they ones that they had. Boy did I milk that for a few minutes.
I have done this with motor insurance in the past but the prices seem much keener and I haven't ever really saved more than about £10, this is with the direct insurers. But if you have experienced a big increase and have had no claims or convictions I would have a look around.
So the moral of the story is shop around just for the peace of mind that you are paying a decent price for the cover that you want.
You need to make sure that you have the correct level of sum insured for the buildings and contents that you have.
If you are under insured when it comes to claim time you might not get back as much as you thought.
At renewal check that the buildings and contents sum insured's have increased. If you have unusual items or individual items pianos, glassware, stamps, lawns mowers, jewelry watches these probably need to be specified to the insurance company individually depending on you policy.
If they are not specified if you needed to make a claim it could be refused or a lower amount paid out.