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.
Switching Home Insurance
With some insurers offering better deals to new customers rather than their existing ones, it does pay to shop around. Here’s how you can switch to a new home insurance provider.
Decide Whether Switching Now is Your Best Option
A great option if you are looking to switch is around renewal time. Before renewing you’ll be presented with your insurer’s annual offer and your new premium. But, if you’re looking for a similar level of cover for a lower amount then this may be a good time to switch home insurers.
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.
Compare Your Current Policy to the New Home Insurance Policy
Before switching insurers, make sure that you understand what you’re purchasing by comparing products with the same or similar levels of protection. A great way to do this is to use the insurer’s Key Fact Sheet so you can review benefits side by side.
When comparing policies you should consider:
- Checking the policy limits – how the benefit limits have changed, especially concerning your dwelling coverage amount.
- Looking for exclusions – some home insurers exclude flood 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.
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.
Buy the New Policy
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 policy or a 15%^ discount on a Home or Contents policy you must start your quote online.
Notify Your Current Insurer
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.
Staying or Switching with Budget Direct
Budget Direct offers Outstanding Value Home and Contents Insurance, which you can tailor (including optional flood cover) to suit your circumstances.
Not to mention the amount you could save on your premium by switching to Budget Direct could far outweigh your current insurer’s cancellation fee.
Are you ready to switch to Budget Direct? Get a quote today!