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Renewing your home insurance could cost you big time

Patrick Christys
Apr 2, 2019


If you've been with the same home insurance provider for a long time, there's a good chance you're being ripped off.

Research shows that the longer you stay on the same home insurance policy, the more you end up being charged - so loyalty doesn't pay in the home insurance game.

Insurers look to entice new customers in with cheap offers before increasing them down the line to recoup their money.

This is why it always pays to shop around and find a better deal - changing regularly ensures that you're always on the entry-level tariff, which usually offers a better rate.

Go to A Spokesman Said now and find the best deal for you.

People aged 65 and over are especially vulnerable to paying through the nose for their home insurance.

Studies show anyone aged 65+ is statistically more likely to renew their existing policy and blindly accept the increased rate.

A study by Which? showed that 61% of customers over 65 said they renewed their current policy, compared with 55% of those aged 45 to 64, and 41% of customers under 45.

The same survey contacted 5,146 members of the general public who had a home insurance policy, asking how long they had been with their insurer and how much they paid.

It found that new customers were being charged an average premium of £200.

But premiums rose by 20% for customers who had been with their insurer for one to two years, who paid on average £240. At its most extreme, people who had stayed with their insurer for 15 to 20 years were paying 75% more than new customers. 

Another way of avoiding sky high costs is to pay your home insurance in one, annual lump sum.

An investigation into 37 insurers found that monthly payment policies could add an extra 15% to 36% to your home insurance bill, depending on the insurer.

It's also important that you read the fine print on your home insurance agreement.

Make sure that the contents insurance matches up with the value of your belongings - the last thing you want is a priceless diamond ring to be stolen only to discover that your policy only covers you for valuables £1000 and under.

Always shop around when it comes to home insurance, the worst thing you can do is blindly renew.

Go to A Spokesman Said and find the best deals for you now.

Here at A Spokesman Said we love fighting for your rights and believe fervently 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.

 

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