Offered a premium reduction by your existing provider? It’s still not enough

You could save hundreds of pounds like PayingTooMuch.com customer Julie Brierley

Staying with the same home insurer can often cost you more money. If you decide to shop around, you could save hundreds of pounds when it comes to choosing a new home insurance policy. If your insurer has automatically renewed your policy then it may be still worthwhile to cancel your policy and move elsewhere. There may be a cancellation fee, however the overall saving will be worthwhile.

Using a broker like PayingTooMuch.com, means that you aren’t tied to a single insurer, and they will compare rates every year for you to get the best current deal. You will therefore benefit from ‘new customer’ rates at every anniversary.

Customer Julie Brierley from Derbyshire, was surprised to find that renewing her insurance for her five-bed detached house with Santander home insurance was going to cost her £501.91.

Julie said: “Sadly, being a loyal customer and bank account holder, didn’t get me a good deal. When I called I was offered a reduction by £100, but that was still £200 more than I was quoted by Payingtoomuch.com. I had been with them for several years so I thought that it was time to see if I could save money by going elsewhere. I am so pleased that I did”

After calling Payingtoomuch.com, Julie was informed that not only could her quote be beaten, she would be able to save over £300, with her new policy being quoted at £185.75.

Steve Rayner, insurance expert at PayingTooMuch.com said: “Typically, by renewing with the same insurer, year after year, you are missing an ideal opportunity to save money on your home insurance. So, when your home insurance renewal letter drops through the letterbox, don’t accept the premium offered without checking elsewhere.”

PayingTooMuch.com offers policies from all the major insurers including Ageas, Allianz, AXA and Zurich. It only takes 10 minutes to complete a quote based on your personal circumstances, either online or over the telephone.

Based on a 5-bedroom detached house, built 1970, standard construction, £300,000 buildings cover £50,000 contents cover.