Home Insurance: The Renewal You Shouldn't Auto-Pilot

Home insurance - whether you rent or own - is one of those policies that quietly gets more expensive every year if you're not paying attention.

The Loyalty Penalty

Insurers often offer better rates to new customers than existing ones. Studies have found that long-term customers can pay 30-50% more than new customers for identical coverage.

Auto-renewal is convenient. It's also expensive.

What to Check at Renewal

Coverage amount: Is your home still insured for the right amount? Rebuilding costs change. Contents accumulate. Underinsurance means partial payouts.

Excess/deductible: Has it changed? Higher excess means lower premiums but more out-of-pocket when you claim.

Exclusions: Flood, subsidence, escape of water - check what's not covered. These exclusions can be added quietly at renewal.

Premium increase: Compare to last year. Anything over 5-10% warrants shopping around.

Renters vs Homeowners

Renters insurance: Covers your contents and liability. Your landlord's insurance covers the building, not your stuff. Typically £100-200/year.

Homeowners insurance: Covers building, contents, and liability. More complex, more expensive, more important to get right.

When to Shop Around

4-6 weeks before renewal: Get comparison quotes. Most insurers let you lock in a price up to 30 days before your start date.

At renewal: If your current insurer won't match better quotes, switch. The process takes minutes.

After a claim: Your renewal premium will likely increase. Shop around - different insurers weight claims history differently.

The Actual Risk

Going without home insurance isn't illegal (unlike car insurance). But one burglary, one fire, one flood, and you're replacing everything out of pocket.

Add home insurance to your tasks. Confirm it when renewed, and we'll remind you when it's time to review again.