MoneySavingExpert.com reader Matt said his home insurance renewal price came in at £867 but after comparing prices online, he was able to find the same level of cover for £275
A fan of Martin Lewis has explained how he saved £592 in just “a couple of hours” by comparing home insurance prices.
MoneySavingExpert.com reader Matt said his home insurance renewal price came in at £867 – despite paying £564 the previous year. But after comparing prices online, he was able to find the same level of cover for £275 – saving him £592. Home insurance has risen 42% over the last 12 months so it’s important to cut costs where you can.
in a message shared in the latest MSE email, Matt said: “Last year’s home insurance cost £564, the renewal was £867. ‘Everyone’s price has gone up, what can you do?’ said the broker. What could I do? A search of comparison websites and a couple of hours’ work. Got the same level of cover for £275, saving me £592! Cheers MSE.”
Home insurance covers you if something bad happens, such as a fire, burglary or storm damage. But what exactly you’re covered against depends on the type of policy you take out. The three main types are: buildings insurance, contents insurance and combined buildings and contents insurance.
MSE says 21 days before your home insurance is due to expire is the prime time to find the cheapest deals. MSE said: “Leave getting insurance until the last minute and the price can go up, as insurers deem those who leave it later to be a higher risk. On average, the cheapest time to get quotes is 21 days ahead of your renewal, though a few days either side won’t matter much.”
As well as comparing prices online, and haggling with your existing provider, it is also worth checking prices with some companies direct, as not all of them appear on comparison websites. One of the most notable ones that doesn’t appear is Direct Line.
