Tips for renewing your home insurance

If you are looking to renew your building and contents insurance, here’s our guide to helping you get the best policy.

Check the prices
Firstly, consider what you can afford and look at the options on offer. Currently, you can nearly always find a cheaper deal if you change providers. However, the Financial Conduct Authority has proposed new restrictions that could change this. The proposed restrictions would stop providers from offering reduced rates to new customers and then bumping the price up at renewal, unless this would directly reflect a customer’s increased risk. This may mean providers increase their prices to compensate for the change.

As a result, you may find an insurance broker more useful than ever: it could become less easy to find a cheaper option by shopping around yourself and brokers may have access to exclusive prices you can’t get direct.

Cover Vs Cost
However, it is important to remember the old adage, you get what you pay for. In regards to home insurance, this means that a cheaper policy may offer less cover, so work out what level you actually need. For example, if you often carry valuables with you, you may want to add away from home cover. Alternatively, you could consider removing this option and paying a lower price.

Reducing the amount the policy covers is a way to reduce how much you pay each month. However, if you undervalue the cost of rebuilding your home or replacing your belongings, then you will have to cover the difference if you need to claim.

Ch, ch, ch, ch, changes
Now is also the time to review any changes made in the past year. During lockdown, most people spent more time at home than ever and for many, homes started feeling a little smaller than before. As a result, many people may be considering an extension. This type of work should always be reported to your building insurance provider because it may mean your property would cost more to rebuild. Similarly, if lockdown has led you to kickstart your side hustle and you’re now storing stock at home, you should check if your contents insurance covers it.

As always, the best way to get the right policy for you is to do some research. But if you’d like to find out what your options are without doing the leg work yourself, then get in touch with an Oviso advisor to help find the right cover for you.

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