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Revealed: The best day to buy home insurance

Revealed: The best day to buy home insurance
Kelly Newlands
Written By:
Posted:
15/10/2024
Updated:
15/10/2024

It is possible to save an average of £38 when you buy home insurance 29 days before renewal, according to Go.Compare Home Insurance.

Shopping for home insurance well in advance of your renewal could cut the costs, which will be welcome news given that home insurance costs are climbing.

Go.Compare found that the average price of home insurance is at its cheapest 29 days before a renewal is due, at £189.

Perhaps unsurprisingly, the cost increases the closer to the renewal date – those who purchase a new policy on the day of renewal pay £227 on average, which works out as 17% more than those who purchase one 29 days before their old one ends.

Nathan Blackler, home insurance spokesperson at Go.Compare, said: “In the last year, we have seen the cost of home insurance rise 31%, and as the cost-of-living crisis continues, it’s understandable that people are looking to save money on their household bills.

“We recently revealed that accidental loss or damage at home is the most common reason people claim on their home policy, with 13,640 claims made in 2024 so far for this reason. It really highlights the importance of having a policy in place that provides you with the cover you need at a price that works for you.”

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He added: “It’s important to remember that there are lots of factors that can affect the price of your policy – such as the number of bedrooms in your property, the age of your home, and the location. While these aren’t things that you can’t necessarily change, there are things you can do to make sure you are getting the best price for your home insurance.

“Timing when you buy your home policy is one thing that could potentially help bring the cost down. As our latest data shows, the further in advance of your renewal you shop, the lower the price could be – with policies bought 29 days in advance of renewal costing £38 less on average than those bought same-day.”

Go.Compare compiled a list of tips to help Brits save money on their home insurance.

How to save money on home insurance

Review the value of your contents: When you purchase a policy, it marks a great time to review the level of cover you are paying for and check that it is still accurate. Whether you have bought expensive new items or your circumstances have changed and there are fewer people living with you, ensure that you have accurately estimated the value of your belongings.

Improve your home security: Your insurer will likely ask about your home security, as having a high level of security makes your property less susceptible to burglaries. In the minds of insurers, this will mean it is less likely that you will make a claim. Approved burglar alarms, key-operated locks for doors and windows, and security lighting with timers could all prove effective.

Only pay for the cover you need: Optional extras like accidental damage insurance can provide you with cover that could save you money if the worst happens. However, it’s important to make sure you aren’t doubling up on cover or buying a policy that you don’t really need. Read your policy’s conditions carefully and think about what kind of cover is right for you and your circumstances.

Consider a combined policy: Home insurance policies that include both contents and buildings cover can be better value. Given this, if you are planning to have both cover types anyway, it may be worthwhile considering combined cover.