Is home insurance auto-renewal easier than switching providers?
Yes, it’s easier. But it’s likely to be much more expensive too. Until recently, it was tricky to compare last year’s premium with the auto-renewal price. But according to new rules from the Financial Conduct Authority (FCA), insurance providers must now include the cost of last year’s premium on your renewal letter.
“In any market where there is regular switching and fierce competition for new business, good deals are available to those who shop around but this does mean long-standing customers can lose out," said the ABI Director General Huw Evans.
So it’s easy to check how much your price has changed. Even if it has decreased it’s still worth shopping around because if your provider has decreased your price, others likely will have too.