New analysis by Go.Compare Home Insurance has revealed not only the cheapest time to buy your policy but also how much you could save according to the day you choose to purchase it.
Ultimately, the closer you leave it until your renewal date, the more expensive your policy will cost. Indeed, those who buy on the day of renewal typically pay an average of £227.
However, if you purchase it early – 29 days before your renewal – the same policy will cost an average of £189, said Go.Compare. This is 17% less than renewal day itself.
If you have less than 29 days left, all is not lost. You can still save money by paying in advance. The research found average prices tended to go up by £1 or £2 each day.
With 14 days remaining before the renewal date, for example, the policy would still cost £208, meaning you can still make savings with less time to spare.
Nathan Blackler, home insurance spokesperson said: “In the last year we have seen the cost of home insurance rise 31% and as the cost-of-living crisis continues, it’s understandable that people are looking to save money on their household bills.”
He added: “It’s important to remember that there are lots of factors that can affect the price of your policy – such as the number of bedrooms in your property, the age of your home, and the location.
“While these aren’t things that you can’t necessarily change, there are things you can do to make sure you are getting the best price for your home insurance.
“Timing when you buy your home policy is one thing that could potentially help bring the cost down. As our latest data shows, the further in advance of your renewal you shop, the lower the price could be – with policies bought 29 days in advance of renewal costing £38 less on average than those bought same-day.”
He also offered some additional tips to help you save money.
Review the value of your contents
Blackler said, purchasing your policy offers the ideal opportunity to review the level of cover to check it’s accurate.
“Whether you have bought any expensive new items or your circumstances have changed and there are fewer people living in your home, make sure that you have accurately estimated the value of your belongings,” he advised.
Improve your home security
Having good security makes your property less susceptible to burglaries and in the eyes of insurers, said Blackler, it will decrease the likelihood you will be making a claim.
He suggests installing approved burglar alarms, key-operated locks for doors and windows and security lighting with timers.
Only pay for the cover you need
“While optional extras like accidental damage insurance can provide you with cover that could save you money should the worst happen,” Blackler said, “it’s important to check that you aren’t doubling up on cover or buying a policy that you don’t really need.
“Read the conditions of your policy carefully and think about what cover is right for you.”
Consider a combined policy
It can often be better value to purchase home insurance policies that include both contents and buildings cover.
Blackler said: “If you are planning to purchase both cover types anyway, it may be worthwhile considering combined cover.”
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What’s the best (and cheapest) day to buy home insurance?[/gpt3]
New analysis by Go.Compare Home Insurance has revealed not only the cheapest time to buy your policy but also how much you could save according to the day you choose to purchase it.
Ultimately, the closer you leave it until your renewal date, the more expensive your policy will cost. Indeed, those who buy on the day of renewal typically pay an average of £227.
However, if you purchase it early – 29 days before your renewal – the same policy will cost an average of £189, said Go.Compare. This is 17% less than renewal day itself.
If you have less than 29 days left, all is not lost. You can still save money by paying in advance. The research found average prices tended to go up by £1 or £2 each day.
With 14 days remaining before the renewal date, for example, the policy would still cost £208, meaning you can still make savings with less time to spare.
Nathan Blackler, home insurance spokesperson said: “In the last year we have seen the cost of home insurance rise 31% and as the cost-of-living crisis continues, it’s understandable that people are looking to save money on their household bills.”
He added: “It’s important to remember that there are lots of factors that can affect the price of your policy – such as the number of bedrooms in your property, the age of your home, and the location.
“While these aren’t things that you can’t necessarily change, there are things you can do to make sure you are getting the best price for your home insurance.
“Timing when you buy your home policy is one thing that could potentially help bring the cost down. As our latest data shows, the further in advance of your renewal you shop, the lower the price could be – with policies bought 29 days in advance of renewal costing £38 less on average than those bought same-day.”
He also offered some additional tips to help you save money.
Review the value of your contents
Blackler said, purchasing your policy offers the ideal opportunity to review the level of cover to check it’s accurate.
“Whether you have bought any expensive new items or your circumstances have changed and there are fewer people living in your home, make sure that you have accurately estimated the value of your belongings,” he advised.
Improve your home security
Having good security makes your property less susceptible to burglaries and in the eyes of insurers, said Blackler, it will decrease the likelihood you will be making a claim.
He suggests installing approved burglar alarms, key-operated locks for doors and windows and security lighting with timers.
Only pay for the cover you need
“While optional extras like accidental damage insurance can provide you with cover that could save you money should the worst happen,” Blackler said, “it’s important to check that you aren’t doubling up on cover or buying a policy that you don’t really need.
“Read the conditions of your policy carefully and think about what cover is right for you.”
Consider a combined policy
It can often be better value to purchase home insurance policies that include both contents and buildings cover.
Blackler said: “If you are planning to purchase both cover types anyway, it may be worthwhile considering combined cover.”
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