If you're like the majority of homeowners in the UK, then your house is probably your biggest investment. While no one likes to think about bad things happening, the fact is that a catastrophe can strike anywhere and at any time. A fire, a flood or a storm could reduce your investment - and even more importantly, the place that your family calls home - to rubble. In order to protect your investment, your home and your family, house and building insurance are absolutely necessary.

A huge variety of options are available when it comes to insuring your house. You can choose between any number of insurers and plans. While having more choices is good for consumers, it can also be a bit overwhelming - especially when every dollar counts. If you aren't careful, you might find yourself paying insurance premiums that are more than you can afford. Luckily, there are some steps that you can take to lower your premiums quickly and simply.

Properly Value Your Home And Its Contents

Buildings insurance should cover the entire cost of rebuilding your home in case of a disaster, including materials, labour and planning. Many people make the mistake of valuing their home at market value, which is generally much higher than the rebuild cost. To find out the rebuild cost of your home, you can use the Association of British Insurers' online cost calculator at abi.bcis.co.uk/#calculation. For even more precise numbers, you can hire a chartered surveyor to determine the exact cost of rebuilding your home.

While many people over-insure their building, many others under-insure their contents. If you choose to purchase contents insurance, it's important to make sure that you keep an up-to-date and realistic inventory of your belongings. Under-insuring means that you won't be able to replace your contents if they're lost or damaged.

Reduce Your Risk Of Burglary And Fire

Insurance providers offer incentives to people who carefully secure their properties. High quality locks on sturdy door and window frames can lower your premiums. Contact your insurance provider to see if certain locks are preferable to others. A burglar alarm or a monitored alarm can also reduce your premiums, as can joining a neighbourhood watch scheme. To protect your house against fire, make sure to check all smoke alarms and replace batteries regularly.

Look For Incentives

Most insurance companies offer incentives to customers who bundle their insurance, buying more than one policy from the same provider. Rather than having buildings and contents insurance with one company, auto insurance with another, and holiday home insurance with a third, consider switching so that all of your policies are in one place. Not only will bundling your insurance save you money, it will also be more convenient and easier to keep track of everything.

Insurance providers also offer no-claims incentives to people who have never made an insurance claim. This discount can be significant, making it even more worthwhile to properly secure and maintain your home.

Shop Around

Online comparison sites make it easy to compare plans, policies and providers. Take a few minutes to compare and find the best deal. Remember, though, that the cheapest deal isn't always the best one. It's important to know what you want - and what you need. While buildings and contents insurance are pretty standard, a wide variety of other services are also offered through insurance providers. Plans that include extra coverage will generally cost more.

It's well worth paying for your insurance yearly rather than monthly, since monthly payments will generally work out to be quite a bit higher.

Choose To Pay Higher Excesses

Your excess - what you pay first when making an insurance claim - has a direct influence on the premiums that you pay. Higher excesses mean lower premiums. It's important, though, to be reasonable and realistic. Don't raise your excess to the point where paying it will create a financial hardship should you need to make a claim.

While house and building insurance might seem expensive at first, the cost of dealing with an emergency on your own can be much, much higher. It's well worth paying for peace of mind - especially when you know that disaster can strike at any time. Still, there's no reason to pay any more than you need to! With just a few simple steps, you can lower your premiums - without sacrificing your sense of safety and security.