Homeowners in Britain might be overpaying for insurance, as potential cost-saving opportunities in home insurance could be going unnoticed.
UK Homeowners Miss Out on Home Insurance Savings
A significant number of UK homeowners are missing out on potential savings by not shopping around for better home insurance deals, according to a survey by Go Compare and analysis by MoneySavingExpert.
The survey, which involved 2,000 Brits, found that nearly one in four homeowners auto-renew their home insurance without comparing quotes, potentially losing out on cheaper deals. Furthermore, many homeowners buy their insurance late or wait until renewal, missing the opportunity to save 10% or more on their premiums.
According to MoneySavingExpert analysis of over 650,000 quotes, buying home insurance five to 25 days ahead of when the policy starts can yield savings of 10%+ compared with buying last minute. This is because insurers price policies higher closer to the start date due to perceived risk and provider quoting patterns.
The average UK home insurance premium has seen little change recently, dropping only £2 from Q1 to Q2 2025 and remaining relatively stable year-on-year. However, shopping around can help reduce costs, and switching providers at renewal or even mid-policy can result in savings, though cancellation fees and policy conditions should be considered.
Go Compare's survey found that men are more likely to let their policy auto-renew compared to women, with 28% of men doing so versus 21% of women. Homeowners aged 25-34 are the most likely age demographic to auto-renew, with 35% admitting they did not look for better deals. Moreover, nearly 10% of Brits admitted to forgetting to shop around until it's too late and their auto-renewal had already gone through.
Nathan Blackler, channel development manager for property at Go Compare, stated that home insurance auto-renewal is a common practice due to the multiple policies and contracts homeowners manage. He added that it's always worth comparing policies to see if you can get a better deal and checking whether your needs have changed.
When it's time to renew, homeowners should consider any work done to their home, the value of the property, and the level of cover needed for their contents. The values of properties can change regularly due to external factors such as interest rate cuts and supply and demand issues. Some home insurance policies offer extras like legal cover, home emergency assistance, or accidental damage protection with no extra costs.
Go Compare is a financial services comparison platform that helps consumers find the best deals on a range of products, including home insurance. By shopping around and comparing quotes, UK homeowners can ensure they are getting the best deal on their home insurance and avoid missing out on potential savings.
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