Is it time to renew your home insurance? While we’re usually all fairly good about getting the best quote for our car insurance (and getting that no claims bonus), most of us just let our home insurance renewal pass us by.
Why? Because the increase or decrease is minimal – often just a few pounds a month, and we don’t think anything has changed. Besides, searching for new home insurance takes a lot more effort because you need to review all your possessions.
In short, it just doesn’t feel worth the effort. But… it is. Your home insurance isn’t just about getting a cheap deal, it’s about ensuring your covered in case something awful happens, and home invasions, fires, and other natural disasters are among the worst. Here’s why you should take that extra few hours to review it. (Or work with a broker who can do it for you.)
More often than not, when your renewal date comes, you will notice that your insurance company has raised your premiums, despite no change to your policy. In fact, in the last 3 years, home insurance premiums have risen by more than 25%, despite no change.
About a month before your home insurance policy is due to end is the perfect time to look for quotes from other insurance companies. Using a price comparison website is good, but they really aren’t suitable for something as intricate as home insurance, especially when it can be catastrophic if you get it wrong.
A home insurance broker will help you compare different home insurance providers, including those that cannot be found on price comparison sites, and you can talk through exactly what type of cover you are looking for within your ideal budget.
Level of Cover
If you take the time to review your home insurance policy, you may find that the level of cover you are paying for is more or less than you actually need. You may find that you are paying an extortionate amount for relatively little cover, and you may discover that you can find more cover for the same monthly cost with a different provider. Even if you don’t think your premiums are too high for you to afford, it is important that you are getting your money’s worth, and you know exactly what you are paying for.
Changes to Assets
You may have undergone some kind of change to your assets during your policy that calls for a change to the cover you will need in your next policy. This could include selling something, buying a new valuable item, or carried out an important home renovation.
It’s crucial you disclose all information about your home and the contents as home insurance can become invalid if details are incorrect – essentially given them away to avoid paying you when you most need it. It’s horrible to think about, but it does happen.
Changes to your assets may cause an increase or decrease to your home insurance premiums depending on the change that has been made, but an insurance broker can help you to determine all of the assets you need to be covered by your policy while finding the best price for you.
When it’s time for renewal, it’s also a good time to think about the quality of customer service of your current home insurance provider. If you had to deal with them at any point throughout the year, did you have a positive experience? Was it easy to get in touch with them? Did you feel comfortable talking to the representative? How was your problem dealt with?
If you found that you did not get the support you expected, this is a red flag that they are not the home insurance provider for you, and you should start looking at other options. Now, you may not be able to gauge their quality of customer service if you have never had to contact them (which is a good thing!). In this case, it can be beneficial to take the time to look online at customer reviews. Things can change in a year, so it’s worth taking a quick look at recent reviews.
If you work with a home insurance broker, they’ll be able to advise you on which home insurance providers have the best reputation with customers so that you can always get the best service.
Changes to the Insurance Provider
Not only is it important to review your policy, but you should also take the opportunity to review your insurance company as a whole. Some insurance companies will increase the prices of any additional fees they may ask for on top of your policy, such as home emergency cover and legal expenses cover.
They may do this by changing a few figures in your policy documents, so compare important figures from your last policy with your new one. This will ensure you aren’t hit with something you didn’t have to worry about when you signed up with them, but has since come into effect.
Comparison sites do not show all possible home insurance providers and are extremely time-intensive as you enter all your possessions just to get a quote. A home insurance broker will look at every possible option and even be able to find providers that offer specialist cover, should you need it. When you use an insurance broker to find your next home insurance policy, you will get expert advice to find the policy that best suits you and your home at the best possible price.