New research reveals the best day to buy home insurance

With home insurance costs on the rise, it’s more important than ever to get a great deal - and Go.Compare Home Insurance has crunched the numbers to reveal the cheapest time to buy, as well as how much this could save you.

The data shows that shopping for home insurance well in advance of your renewal could help cut the costs - with the average price of home insurance at its cheapest 29 days before your renewal is due, at £189.*

The closer to your renewal date you leave it to purchase a new policy, the more it could cost you - with those who purchase on their day of renewal typically paying an average of £227 - 17% more than those who purchase 29 days prior.

Nathan Blackler, home insurance spokesperson said: “In the last year we have seen the cost of home insurance rise 31%** and as the cost-of-living crisis continues, it’s understandable that people are looking to save money on their household bills.

“We recently revealed that accidental loss or damage at home is the most common reason people claim on their home policy, with 13,640 claims made in 2024 so far for this reason. It really highlights the importance of having a policy in place that provides you with the cover you need at a price that works for you.

Nathan added, “It’s important to remember that there are lots of factors that can affect the price of your policy - such as the number of bedrooms in your property, the age of your home, and the location. While these aren’t things that you can’t necessarily change, there are things you can do to make sure you are getting the best price for your home insurance.

“Timing when you buy your home policy is one thing that could potentially help bring the cost down. As our latest data shows, the further in advance of your renewal you shop, the lower the price could be - with policies bought 29 days in advance of renewal costing £38 less on average than those bought same-day.

“We have some additional tips to help you save money on home insurance, too:

• Review the value of your contents: When you purchase a policy, it’s a great time to review the level of cover you are paying for and check it is still accurate. Whether you have bought any expensive new items or your circumstances have changed and there are fewer people living in your home, make sure that you have accurately estimated the value of your belongings.
• Improve your home security: Your insurer will likely ask about your home security - having a high level of security makes your property less susceptible to burglaries and in the eyes of insurers will decrease the likelihood you will be making a claim. Installing approved burglar alarms, key-operated locks for doors and windows and security lighting with timers could all prove effective.
• Only pay for the cover you need: While optional extras like accidental damage insurance can provide you with cover that could save you money should the worst happen, it’s important to check that you aren’t doubling up on cover or buying a policy that you don’t really need. Read the conditions of your policy carefully and think about what cover is right for you.
• Consider a combined policy: home insurance policies that include both contents and buildings cover can be better value, so if you are planning to purchase both cover types anyway, it may be worthwhile considering combined cover.”

For more tips on how to get cheaper home insurance visit:

https://www.gocompare.com/home-insurance/guide/top-tips-for-cheaper-home-insurance/