Home insurance money saving tips

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You have invested a considerable amount of money in your home, so of course you want to ensure that it is fully protected against all kinds of risks and potential disasters.

The way to do that is through home insurance that is tailored to your particular home, its market value and your own needs and circumstances.

Whilst looking for the home insurance cover that meets these needs, you are also likely to want to save money on its cost – so here are a few tips and suggestions on how to do just that:

Shop around

  • as with any other purchase, of course, finding a suitable deal means shopping around – and given the importance of arranging appropriate home insurance at a competitive price, your comparisons are likely to be more critical than ever;

The cover you need

  • if you are looking to save money – whilst still ensuring that your home is fully covered – when you compare home insurance, you need to ensure that the products offered provide all the protection you need to safeguard your property;
  • often, you are likely to find that the comparison proves more difficult – with more confusing variables – than you imagined and the help of a specialist provider of home insurance is called for;

Loyalty is not always rewarded

  • even if you have already arranged home insurance that served you well the previous year, do not bank on your loyalty being rewarded with lower premiums if you automatically renew the policy for the next 12 months;
  • in a report by the BBC on the 27th of August 2018, it was revealed that some customers who had been with the same insurer previously were paying an average of £75 more for combined buildings and contents home insurance than new customers;
  • the report cited a survey of more than 2,000 homeowners conducted by the Consumers’ Association’s Which magazine, which found that 70% of them were renewing an existing policy with the same insurer and that these customers were paying an average of 38% more than those buying home insurance from the same insurer for the first time;


  • but poor rewards for customer loyalty are by no means always the case;
  • there are specialist home insurance providers who not only adopt a much fairer stance in their treatment of existing and new customers, but even manage to keep their increases in the cost of premiums lower than the prevailing rate of inflation;
  • if you are looking to save money, therefore, this consideration alone might prove more than enough incentive to shop around and single out those with the necessary expertise, experience and fair-minded attitude towards customer loyalty.

In short, probably the most important lesson if you are looking to save money on the cost of your home insurance is to review carefully each year exactly the cover you need, make a comparison of the products developed by various insurers, compare the competitiveness of the prices offered and double-check that you are unlikely to be paying anything more as a returning customer than a new one.