We all need to protect our homes and belongings. The houses we own and the contents of said houses are important to us. They are where we live, what we use every day and what we choose to surround ourselves with. Building insurance is required when you take out a mortgage but lots of us want to combine that policy with contents for overall coverage. If something was to happen, such as a fire, how would you get back everything you once owned? Combined insurance policies can cost from as little as £100 for a year. However many of them automatically renew. Let's look at how to cancel home insurance renewal.
Why Do They Automatically Renew?
Firstly, we should look at why our insurance policies often automatically renew. The idea is so you don't go anywhere else. To make it as easy for the customer as possible to retain insurance coverage on their buildings and contents. However, insurance companies want to retain your business, keeping you as a customer. You will usually get a renewal price around four weeks before your renewal is due. If you do nothing, the payment will automatically be taken and your coverage will continue with the same insurance company. However so many times we want to shop around. How do you cancel home insurance renewal?
A New Law Was Passed
You may remember that a new law was passed preventing UK insurers from offering cheaper deals to new customers. This was to create a better marketplace for all, so loyal customers or those who simply don't want to time to shop around aren't penalised with higher costs. Even with this in place, your renewal price will likely be more than you need to pay. Even a £10 saving is worth grabbing when you are spending £100+. It is still worth shopping around for better prices.
Still Better To Shop Around
Remember when you are shopping around to look for like-for-like policies. You can use a comparison site but remember there are some insurance companies who are not on those sites. The price will change depending on numerous variables, including the excess yo will have to pay to make a claim. You might find cheaper prices but if you need to claim, the excess will likely be more expensive. If you find a like-for-like policy that you are happy with and that costs less you will need to cancel home insurance renewal.
How To Cancel
Cancelling your renewal will not cancel your current policy. Be sure to make clear that it is just your renewal you want to cancel. This will mean that your current policy is active until the end date. Be sur to remember the end date as you will ned this when starting a new policy with a new provider.
You can cancel a renewal in a number of ways. This will usually be written out in the email or paperwork received by your provider. You can call them and request the renewal be cancelled. They will usually ask you why you are wanting to cancel the renewal and may try to offer you a better deal. Some companies will have a live chat option on their website where you can request the cancellation. Others will have an email address you can send a cancellation request to, which is much easier than waiting in a queue to speak to someone. You'll usually get a reply within a few days to confirm. Ensure that you get written confirmation of the cancellation, either in paperwork posted to you or via an email.
Shop Via A Cashback Site
When shopping for your new insurance policy, one great idea to save money is by clicking through via a cashback site. Sites such as Quidco and Top Cashback have cashback offers available, even on insurance policies. Click through to a insurance company website via a cashback site and your journey will track and you'll get cashback. This could be £30 or maybe more. This can take a few days to track and a few months to pay out. However it's a great way to bring down the price of your insurance polices.
We we know how to cancel home insurance renewal we can save money on our future insurance policies. Sometimes the renewal price might seem like a good deal, but it's always worth shopping around and checking if you can get discounts or money back on your purchase.
