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How could I make savings on my home insurance renewal?

If your home insurance is almost up for renewal, switching insurance providers could save you money on your premium. So, to see if you could get a better deal at renewal, here are a few things to consider. 

If your home insurance is almost up for renewal, switching insurance providers could save you money on your premium. So, to see if you could get a better deal at renewal, here are a few things to consider. 

Chris King
From the Home team
4
minute read
Do you know someone who could benefit from this article?
Posted 16 JULY 2020

Why is it worth shopping around for home insurance?

Almost three-quarters of homeowners in the UK have been with their current home insurance provider for over a year. But while switching may seem complicated and risky, Compare the Market look to make the process simple. And as 50% of customers could save up to £108** on their home insurance, it’s worth considering.  

It’s always a good idea to take a look at what else is out there when it comes to your renewal. Your price may have gone up, which could be the starting point for you to reconsider your insurance provider. But even if your premium has decreased, it could be that other providers offer you an even better deal. 

**Based on Online independent research by Consumer Intelligence during August 2020 50% of customers could save up to £108.91 on their home insurance premium.

Have my insurance needs changed in the past year?

It might not cross your mind to reassess how much cover you really need. But even minor things can have an impact on your home insurance, including: 

  • Home improvements. Small tweaks can add a little extra value to your house. But bigger jobs, like an extension, could have a significant impact on your home’s value and your insurance needs.  
  • Having a clear out. Have you culled some of your belongings? If you have, you might not need as much home contents cover.
  • High-value purchases. If you’re the proud new owner of an expensive piece of jewellery, you’ll want to make sure it’s adequately covered by your insurance policy.  

Why is under-insuring bad?

Under-insuring means you won’t have enough cover to replace all the items under your policy. You might pay a lower insurance premium but, ultimately, not having the right level of cover could result in your insurance provider limiting a pay-out if the worst happens.

High net worth homes are most at risk of being under-insured. In fact, it’s estimated that 75% of high net worth homes in the UK don’t have adequate cover. Most of us simply don’t include the things we take for granted – carpets, rugs, curtains and everything in the attic we don’t use.

If you’re not sure how much cover you need, it may be worth contacting a professional valuer for advice.  

Are my belongings covered outside of the home?

This depends on your contents insurance policy, so you’ll need to check with the insurance provider. Personal possessions aren’t usually covered as standard so, in most cases, you’ll need to add personal possessions cover, to your home insurance.  

Personal possessions cover offers protection against loss and damage to items that you’d typically take with you when you leave the house, and includes phones, watches, wallets/purses and jewellery. 

There’s typically a cap on the single item value, so anything particularly expensive might need to be added to your policy as an individual item. Just make sure your insurance provider knows that you’re likely to need cover for these items outside the home too.

What circumstances could affect my home insurance quote?

Things like changing jobs can impact your renewal quote.

It may seem odd, but some occupations are considered riskier than others from a home insurance provider’s perspective. These include jobs that take you away from home for long periods, for example. Or night work, which can leave a home vulnerable to thieves. 

Having a lodger may also impact your home insurance, so it’s something your insurance provider needs to know. Failing to tell them could invalidate your policy, if you need to make a claim.

If you’re in any doubt about whether a change in your circumstances could impact your home insurance, speak to your insurance provider. Higher premiums might be undesirable, but they’re better than a policy that’s null and void.

How do I go about switching my home insurance provider?

Once you’ve reassessed your cover needs, it’s worthwhile comparing quotes from a range of insurance providers, to get the most suitable deal. 

Luckily, Compare the Market can help with that! Share your details with us and we’ll find quotes from a wide range of UK insurance providers in just a few minutes. Plus, if you need more guidance on the change-over process, we’ve put together a handy guide to switching insurance providers to help you.

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