Keeping your home insurance costs in check
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Keeping your home insurance

costs in check



When you get to your later years, keeping your monthly outgoings to a minimum becomes even more important. While outgoings are typically a lot smaller, income is lower as well. With rounds of quantitative easing meaning that pension values have been reduced, the importance of budgeting for those about to retire is greater than ever.


Insurance is one of those monthly outgoings that is a necessary expense, and making cutbacks on your cover is a dangerous game that can leave you seriously out of pocket. However, that does not mean that savings cannot be made. Here are a few tips for getting a better deal on your home insurance:


Shop around every time


Having secured a good deal with a certain insurer, many people assume that by the time it comes to renew, their loyalty will be rewarded. While it is often the case that a lower premium is offered, there is no reason to assume that this will be the best deal available to you. Homeowners should shop around for insurance every time their policy is up for renewal - switching can often produce significant savings.


Find a specialist


Older citizens are often seen as a lower insurance risk by providers, but premiums are often inflated by insurers having to cover the higher risk of other claimants. By looking for an insurer like Castle Cover which specialises in covering the over-50s, better rates are likely to be found.


Increase your excess

If you have savings to fall back on, increasing your excess may be an option. A higher excess means lower monthly premiums and a larger one-off payment should you need to claim. If you can potentially cover a larger excess with your savings, then you will pay less if you never claim on the policy.


Secure your home


Convincing your insurer that your home is secure is perhaps the best way to lower your insurance premiums. Installing approved locks on doors and windows, fitting a burglar alarm and even installing security lighting will all help to show your provider that your insurance risk is lower.


Only claim if you have to


As with any insurance policy, retaining that no-claims bonus is extremely valuable. So if your financial loss from a particular incident is not that much more than the excess you would need to pay, it is worth considering covering the cost yourself and keeping that no-claims intact.




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