A simples guide

Save money on home insurance

Having home insurance gives you peace of mind that should the worst happen and you lose your home, you’re covered. Your building and contents can all be replaced providing you have adequate home insurance cover.


Home insurance doesn’t need to be expensive, and there are ways to reduce your premiums simply by obtaining your quote at the right time. Research from Compare the Market research shows that obtaining your quote at the last minute is the best way to get the best deal on your renewal premium.


We have compiled some research below based on comparisons conducted between June 2015 and January 2016 to help inform you on how you can best maximise those savings based on the timeframe in which you purchase your home insurance.

When is the best time to purchase my home insurance?

Most of us tend to accept the old saying, that buying early means buying cheaper. While this may be true in most cases, it doesn’t apply when it comes to home insurance. By leaving it to the last minute you could save more money.

Home insurance policies gradually increase in cost from 28 days before renewal up until 7 days before renewal, before they fall marginally up to the renewal date.  The cheapest time to renew your home insurance is 28 days before the renewal date. At its most costly the average home insurance premium is £120, whereas at its lowest is the average premium is £114, a difference of £6. Predictably, most people wait until the day before renewal.

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When is the most expensive time to purchase my home insurance premium?

Unlike most insurance policies, taking out home insurance seven days early could cost you more; purchasing one week in advance is actually the most expensive time to do so. The data that we have gathered shows that you will pay an average of £6.58 extra on your policy if you purchase seven days prior to your renewal date. While this may not sound like a lot, small savings all add up.

How much can I save by purchasing my home insurance at the last minute?

The amount you can save will vary for each individual. The area in which you live will also be another factor that will determine how much you can save on your premium.

Our data also shows that people in Scotland and London are usually the most likely to save the most by choosing to renew their policy on the renewal date, with Scotland saving an average of £10.60 and London just below at £9.90. These two regions are not the only areas where good savings are to be had. The North East has an average saving of £2.95.

People in the London region have been best optimising their potential savings, with 21% of enquiries during the recorded period being purchased on the renewal date In the East Midlands however, only 15.3% of enquiries were conducted on the last day and a large amount of potential savings were lost.

By using the above data in collaboration with our comparison service, you should now be able to further maximise your savings. Start a quote and compare home insurance without any obligation to commit and see how much you could save!

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