MARTIN Lewis’ MSE has issued an urgent warning to every homeowner before a huge bill rise.
In this week's MSE newsletter the consumer champion urged households to check if they can save £100s on their home insurance.
Research firm Pearson Ham said that home insurance has soared by 26% in the last year.
While big-name insurer Admiral has also said it's likely to continue to increase prices.
MSE said: "Everyone should check now if they can save – as if you can lock in a decent price today, you can forestall rises until next year."
The current average cost of basic home insurance is £240 a year or £20 a month, according to NimbleFins.
READ MORE IN MONEY
Martin Lewis’ MSE trick to extend Tesco Clubcard vouchers expiring in DAYS
Martin Lewis MSE’s urgent warning over supermarket mistake which could cost you
But how much you pay does depend on a variety of factors including the value of your belongings, property age and its location.
While home insurance isn't a legal requirement, it's generally a good idea to have it.
It covers things like fire damage, weather damage, theft and falling trees.
There are generally three different types which will determine how much you pay and what is covered.
Most read in Money
Thousands of customers at huge energy supplier paid to use electricity
Bargain chain to ‘sadly’ shut shop in days following string of closures
Major supermarket chain launches its first EVER meal deal
Hunt urged to deliver early tax cuts as govt borrowing £11bn less than forecast
You can get your building and its contents covered, your building only or contents only.
The first step to finding the cheapest coverage for you is to "never" auto-renew, according to MSE.
It said: "Always check what's out there, as your insurer's not necessarily going to have the market's cheapest policy"
They also shared an example from an MSE fan who managed to save his neighbour £215 by finding an identical policy for cheaper than her renewal.
According to MSE if your policy is up for renewal is to establish what cover you need.
If you're renting you typically won't have home insurance and the building will be insured under the landlord's policy.
Instead you'll have what's called renters insurance.
Tenants' Contents Insurance covers your personal possessions in case of fire, theft, accidental damage or other insured risk.
It's important to compare the best prices using a few different comparison sites – for example Compare the Market, MoneySupermarket and Confused.com.
You can get hundreds of quotes within minutes and the sites will break down the insurers and brokers for you.
MSE also says using a cashback site like Quidco and Topcashback will give you up to £33 back if you compare through them.
If you're keen to stick with your current firm then why not haggle using the other prices you find?
Another piece of advice from MSE is: "Check to see if you can find prices cheaper.
"If you can make a substantial saving, provided you haven't claimed this year, you can cancel your policy and usually get a pro-rata refund if you paid upfront, minus a £35ish admin fee – and you don't earn this year's no-claims discounts.
"Plus you forestall rises for another year."
Lastly, make sure the policy you settle on is right for you and read the terms and conditions closely.
It's vital also to check your firm is regulated by the FCA (Financial Conduct Authority) and if your claim is unfairly rejected then escalate any complaints to the Financial Ombudsman.
Read More on The Sun
Inside Miley Cyrus’ family feud as her siblings take sides after parents’ split
I wear PJs outside – I just tuck them in but statement heels complete the look
Meanwhile, Martin Lewis' MoneySavingExpert has also revealed a little-known trick to extend Tesco Clubcard vouchers.
Plus, here are seven everyday mistakes that could invalidate your home insurance and cost you thousands.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected].
You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.
Source: Read Full Article
