How to Switch Home Insurance Providers

Switching home insurance may seem like a lengthy process at first, but with a little bit of time and the right information, you'll know whether you're ready to make the switch. So, when it comes close to renewal time, start shopping around to see whether it's worth switching to a new home insurance provider.

Here's how to switch home insurance policies, and how you could save money in the long run!

With some insurers offering better deals to new customers rather than their existing cover, it does pay to shop around. Here's how you can switch home insurance providers.

A great option if you are looking to switch is around renewal time. Before renewing, you'll be presented with your insurer's renewal offer and your new premium. But, if you're looking for a similar level of cover for a lower amount, this may be a good time to switch home insurance.

Shopping around before the end of the renewal period could not only help you save on home insurance, but is also a timely opportunity to review your home insurance coverage. But remember to check what your policy covers and your sums insured. Factor in things such as home improvements and increases in replacement costs that could potentially add extra cost to your premium.

Before switching insurers, make sure that you understand what you're purchasing by comparing products with the same or similar levels of protection or sum insured. A great way to do this is to use the insurer's Key Fact Sheet so you can review features and benefits side by side and understand further details.

When comparing policies you should consider:

• Checking the policy limits – limits can vary between insurers, so make sure they suit your insurance needs.
• Looking for exclusions – some home insurers exclude flood cover or accidental damage insurance in a standard home insurance policy, but some insurers may have additional exclusions on top of this.
• Comparing excesses – having a higher excess could save you money on your upfront premium, however you would also need to be prepared to pay a higher excess in the event of a claim.
• Your sum insured – it's important that this figure accurately reflects the full replacement cost to avoid being underinsured. It's a good idea to review your sum insured regularly, especially after making renovations or large purchases for the home, to ensure coverage remains adequate.

Remember, insurance premiums are dependent on many factors including your personal circumstances, so you'll also need to answer a series of questions to get an accurate quote for your new cover. 

You should also ensure that your new insurance takes into account your claims history.

Once you're certain that you've found the right policy, make sure you know when your current home insurance policy ends, then you can take action. Keep in mind that if you want to switch before your current policy ends, you may be subject to an early cancellation fee. Always make sure your new policy takes effect before you cancel your old policy.

If you're a new customer with Budget Direct you can get a discount on your first year's premium for a new policy purchased online. To qualify for our 30%^ discount on a Home and Contents combined policy or a 15%^ discount on a Home or Contents policy you must start your quote online.

Once you're covered by us, we'll notify you in writing. Make sure you contact your previous insurer to decline their renewal offer or cancel your other policy before it ends. Remember, your previous insurer may also charge you an early cancellation fee but if you decline the renewal offer and cancel your policy before it renews then you'll avoid incurring any cancellation fee that would have applied.