As part of the DIY Nous method for saving money on household utilities, this is a step-by-step approach after you have named your home insurance provider and double-checked the terms of your contract with them.

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Can I cancel this service?

While some mortgage lenders require a property owner to have buildings insurance, it is optional for most people. Cancelling after your 14-day cooling off period normally involves an administration fee, and if you do decide to cancel, you will need to contact your insurer – usually in writing – to confirm your cancellation.

Can I reduce this service?

Reducing your insurance cover comes with increased risk, and each household needs to weigh this carefully before cancelling or reducing their cover. That said, there are often ways to reduce your premium (for example, by increasing the excess you pay in the event of a claim) while still staying protected against the worst loss of any loss or damage to your property.

How to save money

Thanks to the General Insurance Pricing Practices (GIPP), introduced by the Financial Conduct Authority (FCA) in 2022, price-walking has now been banned and you are protected from the worst practices of auto-renewing insurance policies.

However, there are still ways to make sure you’re getting the best value for money if you are shopping for insurance.

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 pays to set a reminder for your renewal date, because prices rocket the closer you get to the start date.
Try alternative job titles when seeking quotes. Job title affects your quote. As long as your job title is truthful, try selecting different options to see if it makes your quote cheaper.
Negotiate 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.

If you are struggling

The cost of living crisis has affected millions of households and if you’re struggling to pay essential bills, you’re not alone.

Some households may need urgent or more specialist help than we can provide. If you’re unable to pay a bill, the first step is to contact your provider and tell them. They are best placed to make sure you are receiving any financial assistance you may be entitled to.

<aside> 🆘 See the list of specialists at Cost-of-living help

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Last updated: December 2022

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