25 May 2024 , 06:00
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A fan of Martin Lewis has explained how he saved £400 after doing a simple search online.
MoneySavingExpert.com reader Ian explained how his automatic renewal price for his home insurance had increased by over £400. He tried to haggle his existing provider down, but they refused to match cheaper prices he had seen elsewhere. In a message shared in the latest MSE weekly email, Ian said: "Thank you for your guidance for cheap home insurance.
"My automatic renewal price had increased by over £400. I called, following a search of a comparison website, and was told that my insurer wouldn't price-match or negotiate any loyalty discount. But its renewal quote of £786 was bettered by another insurer to the value of £374. A wonderful saving."
Home insurance covers you if something bad happens to your property, such as a fire, burglary or storm damage. But what exactly you’re covered against depends on the type of policy you take out. The three main types are: buildings insurance, contents insurance and combined buildings and contents insurance.
If your home insurance policy is up for renewal, use multiple comparison website to check for the best prices - such as Compare the Market, Confused.com and MoneySupermarket. You may also want to go directly to some insurance providers that don’t appear on comparison websites, such as Direct Line, to see what quotes they can offer you.
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Once you’ve found the cheapest price, call up your existing provider and see if they’ll beat it. Finally, if you do go for a new quote elsewhere, see if you can use cashback sites Quidco or Topcashback to claim money back. MSE says 21 days before your home insurance is due to expire is the prime time to find the cheapest deals.