Comparing home insurance policies

?It could happen to you – over 2 million home insurance claims were made in 2010, and insurance companies paid out £9.8 million every day.

Source: Association of British Insurers

When you’re looking for the right home insurance deal you have to remember that the level and type of cover is just as important as the price. You need to compare levels of cover and check the exclusions (things you’re not insured for). This makes sure you get the features you need and you don’t pay more for unnecessary extras.

Don’t make assumptions. You might think some features of home insurance are standard (automatically included) but with some insurance companies they’ll be optional extras. For example:

  • Comprehensive accidental damage cover – fewer than one in five home insurance policies automatically cover you for damage you cause yourself, by accident.
  • Home emergency cover – fewer than one in five home insurance policies automatically provide help for home emergencies, and more than half don’t offer this as an option at all. Insurance Cardiff
  • Personal belongings cover – items taken outside the home are usually not covered as part of a standard home contents policy.

Check the excess. This is the amount of the claim that you have to pay yourself. Four out of ten of all policies have a minimum excess of £100 or more – you can ask if increasing it will reduce your premiums. Cardiff insurance

Not sure what level of cover or type of policy you need?

Contents insurance – choose the right policy and cover.
Buildings insurance – how much cover do you need?

Where can you buy home insurance cover? insurance Cardiff

?The Chancellor announced a rise in Insurance Premium Tax from 10% to 12% in June 2017.

    • Comparison sites. Around eight out of ten people use these to search the market for the cheapest home insurance quote. If you use at least two sites you’ll see many of the best options, but each site has pros and cons. The Money Saving Expert websiteguides you step-by-step through which comparison sites to use.

  • Other insurance companies. Some insurance companies don’t feature on comparison sites. You may find that these offer better cover at a cheaper price, so make sure you check them out as well. The Money Saving Expert websiteopens in new window highlights who these companies are.
  • Insurance brokers. A broker might be able to find you the right policy at a great price – if you need to find non-standard home insurance (for example, if your home is a listed building, or if it’s not built in a standard way) brokers can do all the shopping around for you. They can find a policy that best suits your needs and even act for you if you need to make a claim.

  • Your mortgage provider. When you take out a mortgage you will often be offered buildings and contents insurance at the same time. Don’t accept right away – shop around to make sure you’re getting the best deal.
  • Banks, card providers, supermarkets and retailers. It doesn’t have to be an insurance company – lots of other companies offer home insurance. Many of these will appear on comparison sites.
Find out When to use an insurance broker.

How to reduce the cost of home insurance