In these cash-strapped times, there are a number of ways you can reduce the cost of your buildings and contents insurance without compromising on the cover.

You can get discounts for having alarms or smoke detectors fitted and for a host of other things – read on for more tips.

Financial research company Defaqto analysed 297 buildings insurance and 298 contents insurance policies.

"The annual home insurance premium can be considerable but there are often a number of ways to reduce the premium without having to compromise on the cover," said Brian Brown, head of research at Defaqto.

"We have identified nine ways to get a discount and only one of them - raising the excess - impacts on the actual insurance coverage."

19% of policies give a discount for online purchases via the insurer's website

85% of policies give a discount if both buildings and contents insurance cover is purchased from the same insurer at the same time

86% of policies give a discount for selecting a higher excess

67% of policies offer a 'no claims discount' if you do not make a claim

69% of contents policies offer discounts for alarms fitted

22% of contents policies offer discounts for smoke detectors fitted

64% of contents policies offer discounts for approved door and window locks

43% of contents policies offer discounts if you are a member of a Neighbourhood Watch programme

30% of providers do not charge extra for payments by monthly direct debit which would help spread the premium at no additional cost

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