Money & Insurance > Stories

When is best time to buy home insurance?

Eleanor Newis
Feb 8, 2019


 

You could save 20% on your home insurance premium by buying three weeks ahead of the policy’s start date.

This could save you hundreds of pounds each year if you work out the cheapest time to get your policy, rather than buying at the last minute. Grabbing a deal just before the start date makes insurers see you as a bigger risk that if you plan it three weeks ahead.

The best time for buying your cover is 17-30 days ahead of the start date of the insurance, according to Money saving expert.

Whether you want to combine buildings and contents, or get one or the other, the absolute cheapest deal will always be found 21 days ahead of the policy.

The average premium price for a customer who buys at this time is £148 per year, but for those who buy on the day they need the policy, this goes up to £180 — an increase of 20%.

This is thought to be because the quotes insurers give depend on a variety of factors — where you live, your building type, your claims history, your job and the type of cover you need.

Purchasing your policy three weeks before you need it to start makes insurers think that you’re more organised and careful about your home and protecting your belongings, which in turn makes you seem like less of a risk.

So, when thinking about getting a new home insurance policy you should always begin far enough in advance to allow you to make the decision with a three-week gap before the cover begins.

Start by using a price comparison tool like A Spokesman Said to look at all of the options available to you, and read the policy conditions carefully to make sure it covers everything you need.

Then, make sure you check your renewal date if you already have a home insurance policy, and plan out when to make the switch. Get your quotes from your new insurer in plenty of time to make sure you save cash on your premium.

Here at A Spokesman Said we love fighting for your rights and believe passionately in natural justice.

But these battles cost us money. You could help us fund these fights by using our price comparison site, A Spokesman Said for your energy, car insurance and household bills.

We’re just the same as Go Compare or any other price comparison site, so you won’t be losing out in any way - by helping us, you will be helping yourself.

Thank you for your support.

When did you last switch your home insurance provider?

We compare prices from the big brands, so you save money