keeping insurance costs to a minimum

*this post is brought to you by swiftcover.com

Keeping insurance costs to a minimum

In these difficult financial times it is more crucial than ever to make savings by cutting back on unnecessary expenditure wherever possible. If you would like the peace of mind that comes from knowing that your home and contents are covered by insurance but do not want to spend more than is absolutely necessary, you may find a few pointers about securing the lowest possible monthly premium very helpful indeed...

Shop around

Many insurance companies will offer you incentives in order to secure your business as a sought-after new customer. Try not to be pulled in by the attention grabbing deals until you are clear on exactly what you need and have looked online for numerous home insurance quotes so that you can be sure that you are receiving a discount in real financial terms. 

Re-apply

If you are already receiving insurance cover for your buildings and contents, you may be surprised to learn that you could actually save money by reapplying as a 'new' customer to the same company, rather than simply renewing your existing policy. Though this seems illogical, the aforementioned constant quest for new business drives many insurers to offer more appealing deals for new customers in order to draw them in. Although they are unlikely to promote the possibility of exploring this loophole to you directly, they shouldn't have a problem with helping you through the process if you make the relevant inquiries.

Home security

Having a recognised model of burglar alarm fitted in your home can be a great way to reduce your monthly payments and of course deter thieves. To ensure that you make a saving on your insurance, you need to get a NACOSS type alarm fitted and have it annually check by a qualified professional. This can be expensive, but some insurers will reward you with an immediate discount of around 7.5%. 

Gain from no claims

Burglar alarms are a well recognised deterrent to thieves, and a period without making a claim as a result could lead to more significant reduction in your premium further down the line. If that doesn't sound like an option that you are willing to consider, owning a dog could have a similar effect on the decision making of local opportunistic criminals, as well as having many other benefits to your home life. Insurers may also offer a small discount simply for being a dog owner, so it is well worth asking your provider. 

A certain age

Some insurers are geared specifically towards the elderly and offer reductions to anyone over a certain age. This is because there seems to be a trend for people to make claims less as the get older, but on the other hand, senior citizens are often targeted by criminals as easy targets – particularly in some urban areas. If you are uncertain whether or not this applies to you, it could be worth checking with a more general insurer such as Swiftcover, who cater for all ages and groups of society.

*this is a guest post by swiftcover insurance.