‘If you decide to switch provider, be aware that insurance features may be stripped back to lower the price’, cautions Black.
Some insurance policies available on the open market today don’t offer the same quality than those issued five or 10 years ago. For example, the excess you pay on a new, lower-cost policy is higher. ‘An older policy may pay out £500 to replace locks, while a newer one only covers up to £250,’ he says.
You may incorrectly assume certain types of damage are covered. Some insurance pays out for fridge and freezer contents that perish; others don’t. Not all insurers pay to remove and replace parts of buildings to find burst pipes.
‘Subtleties like this are incredibly important: you don’t just need to check whether they cover you for the same things, but whether insurers treat these features in the same way,’ cautions Black.
Your provider must give you reasonable notice of your home insurance renewal date, but many of us still struggle to find the time to review our options.
Find out today whether Nationwide could offer you the right home insurance for your needs