Whether you rent or own your home, every household should consider having insurance to protect against loss and damage.

There are two types of home insurance which can be bought together or separately. Buildings insurance, which is a requirement of certain mortgages, covers the permanent structure of a property and is held by an estimated 16.5 million households in the UK. Contents insurance protects anything that’s not a permanent fixture in your property.

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Providers

The UK’s Home Insurance market is highly competitive, with around 200 providers. Insurers are jointly regulated by the Bank of England Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

How to save money on home insurance

<aside> 🛠️ For the most up-to-date practical advice, read our guide to Saving money on home insurance

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Thanks to the General Insurance Pricing Practices (GIPP), introduced by the Financial Conduct Authority (FCA) in January 2022, insurance providers can no longer increase premiums for existing customers at the end of an introductory contract.

Instead, insurers now have to offer existing customers fairer deals, in line with what new customers are offered as their introductory rate. They also have to make it easier for customers to cancel an auto-renewing contract.

However, just because your insurer has to offer you a fairer renewal price than in recent years, that doesn’t mean there aren’t better deals available. It’s still worth keeping track of your renewal date and evaluating what insurance you need. When it comes to shopping around for a better deal, there are a few top tips to bear in mind:

• Check as many comparison sites as possible. Different insurers and products appear on different comparison sites, but you’ll also discover different prices for the same product/insurer depending on the comparison site. It is time consuming, but you’ll find the cheapest price by comparing as many as you can.
• Get quotes around 3 weeks before. According to Money Saving Expert, you could save money by searching for home insurance around 3 weeks before the start date. It really does pay to set a reminder in advance of your renewal date, because prices rocket the closer you get to the start date.
• Try negotiating with your current insurer. Once you’ve found a better deal, it’s always worth speaking to your current insurer to see if they’ll beat the new price.

How to switch home insurance

<aside> 💡 If you’re using comparison sites, start researching what deals are available 3-4 weeks before your policy ends. Remember that the cheapest rates are normally found 21 days before the start date of a new policy.

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Once you’ve got a new quote, made sure the policy matches the insurance you require, and checked the provider is regulated by the FCA, switching is straightforward. The important thing is to make sure your existing policy doesn’t auto-renew (GIPP regulation has made this easier, but you may still need to let your current insurer know). If you have accidentally auto-renewed, act fast – the law gives you the right to cancel within 14 days.