With home insurance costs up by nearly a third since 2023, finding ways to reduce premiums is more crucial than ever. While strategies like paying annually or boosting home security are well-known, choosing the right time to renew can make a significant difference in your savings.
How Home Insurance Renewals Work
As your home insurance policy approaches its expiration, you have the choice to renew it or look for a new provider. Your insurer will typically send a renewal quote, which you can accept or use to compare with other options. If you decide to switch, notify your current provider and ensure the new policy starts on the same day your old one ends to avoid any gaps in coverage. Policies with auto-renewal will renew automatically unless you opt out.
The Best Time to Renew for Lower Premiums
Believe it or not, the timing of your renewal affects your premium. Data from Go.Compare shows that shopping for home insurance approximately 29 days before the renewal date often provides the most competitive rates.
| Days Before Renewal | Median Annual Premium (£) |
|---|---|
| 0 | 227 |
| 1 | 218 |
| 2 | 224 |
| 3 | 223 |
| 4 | 221 |
| 5 | 217 |
| 6 | 220 |
| 7 | 213 |
| 8 | 212 |
| 9 | 214 |
| 10 | 213 |
| 11 | 215 |
| 12 | 210 |
| 13 | 210 |
| 14 | 208 |
| 15 | 207 |
| 16 | 205 |
| 17 | 208 |
| 18 | 214 |
| 19 | 207 |
| 20 | 203 |
| 21 | 203 |
| 22 | 202 |
| 23 | 202 |
| 24 | 203 |
| 25 | 200 |
| 26 | 192 |
| 27 | 190 |
| 28 | 191 |
| 29 | 189 |
Additional Tips for Lowering Home Insurance Premiums
- Pay Annually: Opting for an annual payment instead of monthly instalments can help you avoid interest charges.
- Enhance Home Security: Installing alarms or surveillance systems can deter intruders and may qualify you for a discount.
- Bundle Policies: Combining buildings and contents insurance can be more cost-effective than separate policies.
- Adjust Your Voluntary Excess: Increasing your voluntary excess can reduce your premium, but be sure you can cover this if a claim is made.
- Reassess Coverage Needs: Regularly reviewing the value of your home’s contents and building ensures you're not over or underinsured.
For further guidance and comparison, check out resources like MoneyHelper or CompareTheMarket.