Top Home Insurance Renewal Tips

Just when you think you've cleared your major outgoings for the month, your home insurance renewal letter hits the door mat. Following this new, unexpected burden on your finances, you wouldn't be the first person to think about simply letting your home insurance renew without checking the market for a better deal. But you could stand to lose out on a lot of money if you don't spend a few minutes to compare home insurance when it comes to renewal time.

Your home insurance renewal letter is likely to offer you a quote from your current home insurer which is not drastically different to your previous quote. Some will grant you the benefit of an additional year's no claims bonus. Others will even put the price up to try to recoup their marketing costs and bank on laziness on your side.

If you don't want to renew your policy with the same insurer, you must get in touch with them. Your home insurance is likely to automatically renew if you do nothing. This ensures that you maintain any legal obligations on your side to maintain a home insurance policy. But if you find a better deal and buy that policy, you'll still be charged unless you notify your previous insurer.

If you want to find a better quote, you're faced with two options. You can either go to twenty or thirty major home insurance companies, or you can fill in one online form to find the best insurer for your needs. That's the role of a home insurance comparison website - designed to get you to your best insurer in as short a time as possible.

When you're comparing various home insurance quotes and matching them up against your home insurance renewal offer, you must remember to compare like-for-like policies. The cover within a home insurance policy is not standardised across the various insurance companies. Therefore, your cheapest quotes could be coming on the back of reduced protection.

One important tip to bare in mind is that it wise to keep your existing home insurance cover until you've found and bought your new policy - if you can find a better deal and decide to switch that is. Otherwise, you run the risk of running out of time and leaving yourself without cover for a short period.

And finally, don't just use the same details as the previous year. Over time, the value of your contents, the risks they're exposed to, plus the modifications/improvements and value of your property is also likely to change. Keeping this information up to date will ensure that you're protected should you ever need to make a claim.

• Remember that your existing policy is likely to automatically renew
• Always compare like-for-like policies - protection and quotes will differ
• Use a home insurance comparison website to cover the ground quicker
• Don't cancel your current policy until you've found and bought a new one
• Make sure your details are up to date to ensure you are protected