It’s all too easy to forget things, but it’s important to be aware of the consequences if you’re late with a home insurance payment. 

What should I do if I miss an insurance payment?

If you’ve missed a payment, or are in any doubt about whether a payment’s gone through, speak to your insurance provider as soon as you can and they’ll be able to check your account and advise you accordingly.

If you pay by Direct Debit and your payment has failed, your provider may try to take it again the following week. It’s important, therefore, to let your bank know if you’ve arranged a direct payment with your provider in the interim.

What could happen if I miss a home insurance payment?

Sometimes you’ll have a bit of a buffer – your provider may just ask that you make payment within a few days of the original due date. Each provider has a different policy with regards to non-payment, but it’s possible that they could charge you fees, raise your premium or even cancel your policy. Furthermore, missed insurance payments could stay on your credit report, which means you might struggle to secure a loan, credit card or mortgage in the future.

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How can I ensure I don’t miss future payments? 

  • Set yourself a reminder (somewhere that you’ll see it, on your phone) so that you don’t forget to pay an instalment.
  • If you can, pay for your insurance premium in one go rather than by monthly instalments. Paying annually has two benefits: firstly, it means you don’t have to worry about forgetting a payment and, secondly, it could be cheaper because interest is often charged on monthly repayments.
  • If monthly payments help you to afford your home insurance, then set up a Direct Debit so that your bank makes payment automatically. Just make sure you have enough money in your account to cover the payment when it’s due.

How can I get a good deal on my home insurance?

Having affordable buildings and contents insurance that meets your needs in the first instance should be a priority. And that’s why we’re here.

Just use our comparison service and we’ll help you find a good-value deal that offers the right level of cover for you. Start a quote with us today to see how much you could save.