Are there any fees involved?
If you’re switching at the end of your policy no, you simply start the new policy to replace the old one. If you switch at other times, it does vary from provider to provider.
Some insurance providers will charge you an “administration fee” for cancelling your policy part way through your period of insurance. This could be as much as £50 in some cases.
Your insurance provider will typically return the pro-rated amount of premium back to you. In other words, if you’re half way through the policy period, you should expect to pay 50% of your premium back less the administration fee. However, if you have any add-ons, you may need to pay the outstanding amount left for these.
You would need to work out based on your own circumstances whether it makes sense to change mid-policy or whether to wait until your existing policy expires.
Compare home insurance today to find out what you could save by switching your buildings and contents insurance.