I followed easy Martin Lewis tips and saved £423 in just 40 minutes – how to do it too --[Reported by Umva mag]

A SAVVY customer has shared how they managed to shave hundreds off their home insurance bill by using a nifty Martin Lewis hack. The saver named Fiona told readers of Martin’s MoneySavingExpert about how she pocketed the hefty £423. GettyYou can cut your home insurance costs with one simple trick[/caption] “I received a renewal notice which shot up by a few hundred quid to £866 (for a standard four-bed),” she said. “Your newsletter landed, I used your tips and which comparison websites to use, and 40 minutes later I found the exact same cover for £443! “A huge saving of £423, woohoo! “Thank you so much!” Fiona was following the money-saving whizz’s advice to “combine comparison sites for 100s of quotes in minutes – don’t assume they’re all the same.” It continues: “Never just auto-renew – there’s no guarantee your existing insurer will give you the cheapest or best cover. “It’s always worth a check elsewhere. Comparison sites zip your info to dozens of insurers and brokers at once. “Yet don’t just use one as a) they can cover different insurers, and b) they often have different prices for the same firm.” It comes as home insurance premiums soared this earlier this year in a blow for households. Premiums increased by 19% between the first three months of 2023 and the same time period this year, according to the Association of British Insurers (ABI). The body, which represents industry, said the average combined buildings and contents premium was £375 at the start of the year. What is home insurance? Home insurance is designed to cover you in the event of fire, flood, or theft or loss of any item inside it. It’s not a legal requirement, unlike car insurance, but it can be useful if something goes awry. There are two types of home insurance policy – contents and buildings. Buildings insurance covers the cost of repairing any damage to the structure of your property which might have been caused by a fire or flooding. The “building” includes elements like your roof, walls and floors as well as permanent fixtures such as windows or fitted kitchens. Contents insurance says what it does on the tin – it covers you in case the contents of your home are damaged, lost or stolen. How else to save money on home insurance There’s a few other ways you can save money on your home insurance… Ceri McMillan, insurance expert at Go Compare previously told The Sun renewing your policy 27 days ahead of it expiring could save you £60. And at the very least, don’t wait for your policy to auto-renew as you’ll likely pay more than if you shop around for a cheaper deal. If you’ve got the money up front, it’s worth paying for your premium in one lump sum as well. Ceri previously told The Sun you can save around 10% on your premium using the trick. When does the price cap change? OFGEM reviews the cap on unit rates for those on the default tariff every three months. This means the energy price cap can move up or down at four different points in the year. Price cap rates are updated on the following dates: January 1 April 1 July 1 October 1 The ABI said the average home insurance premium was £341 in 2023, which means you could save around £34. Combining contents and buildings policies rather than paying for them separately could save you £100 a year as well, according to Confused.com. Installing a burglar alarm can help drive down your premium price as well, albeit after the initial up front cost. Consumer group Which? says you can get an alarm for around £100, and install it yourself to save extra cash. You can buy either buildings or contents policies separately, or combined so you are covered across all scenarios. Not all home insurance policies cover the same things though, so it’s worth shopping around. You can use price comparison websites like Compare the Market, GoCompare and Uswitch.

Oct 5, 2024 - 18:30

I followed easy Martin Lewis tips and saved £423 in just 40 minutes – how to do it too --[Reported by Umva mag]

A SAVVY customer has shared how they managed to shave hundreds off their home insurance bill by using a nifty Martin Lewis hack.

The saver named Fiona told readers of Martin’s MoneySavingExpert about how she pocketed the hefty £423.

a man in a suit and tie stands in front of a screen that says get all

You can cut your home insurance costs with one simple trick[/caption]

“I received a renewal notice which shot up by a few hundred quid to £866 (for a standard four-bed),” she said.

“Your newsletter landed, I used your tips and which comparison websites to use, and 40 minutes later I found the exact same cover for £443!

“A huge saving of £423, woohoo!

“Thank you so much!”

Fiona was following the money-saving whizz’s advice to “combine comparison sites for 100s of quotes in minutes – don’t assume they’re all the same.”

It continues: “Never just auto-renew – there’s no guarantee your existing insurer will give you the cheapest or best cover.

“It’s always worth a check elsewhere. Comparison sites zip your info to dozens of insurers and brokers at once.

“Yet don’t just use one as a) they can cover different insurers, and b) they often have different prices for the same firm.”

It comes as home insurance premiums soared this earlier this year in a blow for households.

Premiums increased by 19% between the first three months of 2023 and the same time period this year, according to the Association of British Insurers (ABI).

The body, which represents industry, said the average combined buildings and contents premium was £375 at the start of the year.

What is home insurance?

Home insurance is designed to cover you in the event of fire, flood, or theft or loss of any item inside it.

It’s not a legal requirement, unlike car insurance, but it can be useful if something goes awry.

There are two types of home insurance policy – contents and buildings.

Buildings insurance covers the cost of repairing any damage to the structure of your property which might have been caused by a fire or flooding.

The “building” includes elements like your roof, walls and floors as well as permanent fixtures such as windows or fitted kitchens.

Contents insurance says what it does on the tin – it covers you in case the contents of your home are damaged, lost or stolen.

How else to save money on home insurance

There’s a few other ways you can save money on your home insurance…

Ceri McMillan, insurance expert at Go Compare previously told The Sun renewing your policy 27 days ahead of it expiring could save you £60.

And at the very least, don’t wait for your policy to auto-renew as you’ll likely pay more than if you shop around for a cheaper deal.

If you’ve got the money up front, it’s worth paying for your premium in one lump sum as well.

Ceri previously told The Sun you can save around 10% on your premium using the trick.

When does the price cap change?

OFGEM reviews the cap on unit rates for those on the default tariff every three months.

This means the energy price cap can move up or down at four different points in the year.

Price cap rates are updated on the following dates:

January 1
April 1
July 1
October 1

The ABI said the average home insurance premium was £341 in 2023, which means you could save around £34.

Combining contents and buildings policies rather than paying for them separately could save you £100 a year as well, according to Confused.com.

Installing a burglar alarm can help drive down your premium price as well, albeit after the initial up front cost.

Consumer group Which? says you can get an alarm for around £100, and install it yourself to save extra cash.

You can buy either buildings or contents policies separately, or combined so you are covered across all scenarios.

Not all home insurance policies cover the same things though, so it’s worth shopping around.

You can use price comparison websites like Compare the Market, GoCompare and Uswitch.

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