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6 Reasons to Switch Your Home Insurance

Not all home insurance policies (or providers) are created equal, and you can – and should – switch to a new home insurance provider if you feel you are overpaying or aren’t getting the right coverage. Make sure you periodically check your current policies against others on the market to ensure you are getting a good deal. Often, switching is the best option, as you’ll get the lowest annual premium possible. 

This is advice everyone knows – but people still put off switching because of the perceived hassle. Here are six reasons you shouldn’t be putting it off:

1. Review Your Policy Annually – Before Renewal

Regardless whether or not you plan to switch, you should reassess your current policy to see if it’s actually covering everything it should be about your home. A month or two before your policy up for renewal, start shopping around to see what else is on the market and if you can get the same level of cover for a lower price, or a higher level of coverage for what you pay now. 

2. Your Policy May Be Inadequate

You want to avoid discovering that your policy was inadequate too late at all costs. If something happens you need to know that your home and your belongings are covered and will be replaced. Events like break-ins and fires can be incredibly traumatic, and the last thing you’ll need at that time is an insurance company telling you that you weren’t covered. 

It’s important to remember that your home insurance doesn’t just cover major (and unlikely) disasters. Water damage is a common occurrence, and if your home floods from a burst pipe or is damaged in a storm, your policy should cover those eventualities too. 

3. Paying Too Much

Insurance companies often make their profit from all the people who don’t bother to shop for a cheaper premium, but the reality is that it is often incredibly easy to find one, and to switch. Insurance providers nearly always raise your premium at the end of your contract, not only meaning that you’ll pay more than you were before, but that you now pay far more than you would if you had shopped around. 

4. Changes in Circumstances

Life moves quickly, and unless you are extremely on top of things, you probably aren’t considering your insurance policies. If you’ve got married, had a new child, renovated your home, retired, contents changes, extensions, and more. 

These events will often change your policy and will be essential if you plan to move. Some of these updates will add to your premium, but they will also ensure you haven’t voided your policy accidently, and that you are completely covered. 

5. A Financially Secure Provider

If you’ve heard news that your insurance provider may not be doing well financially, then they may not have the cash to back up your policy if things go wrong. If you’re at all worried that they can’t provide the insurance they claim, it’s time to switch to someone more reliable. 

6. Poor Customer Service

Poor customer service is incredibly frustrating, and it is a completely legitimate reason to leave your current provider. If they are difficult to reach, if you get passed from person to person on the phone and have to explain the same things to each of them, or forget to call you back, you have every right to seek out a more professional company. 

When something goes wrong, the last thing you need is to be on the phone for hours with someone you can’t understand, who is rude or unhelpful, or worse, they just aren’t open when you need them, then you should switch. 

It’s important you feel like your insurance company is going to be in your corner if something goes wrong, not ready to fight you. If their service doesn’t meet your expectations; they don’t deserve your money. Simple. 

The Bottom Line

Here’s the bottom line: your home insurance isn’t set in stone, and your insurance provider may be the first to point this out if you go to make a claim and have made a mistake on your policy. It’s okay to switch each year, chasing the best and cheapest policies – it’s not just okay, it’s smart. 

The easiest way to shop around for quotes is to work with an independent insurance broker, like ST&R Limited. Brokers have access to tools and software that makes shopping for quotes fast and easy, they’ll get the very best prices and make it easy to switch. 

If you’re looking to switch now, or at your next renewal date, call us on 01772 280718 to speak to one of our trained advisors who can guide you through the process.