Home insurance renewal: what to check before it rolls over

Home insurance renewals are easy to wave through. The premium is often smaller than car insurance and the policy feels like something you will never claim on — right up until you do, at which point the details you skipped become the only thing that matters.

Rebuild cost is not market value

Buildings insurance covers the cost of rebuilding your home, not what it would sell for. These are different numbers, and confusing them is one of the most common ways people end up underinsured. Rebuild cost reflects materials and labour; market value reflects location and demand.

If your policy has quietly carried the same rebuild figure for several years while building costs have moved, the sum insured may no longer be realistic.

Check the contents figure honestly

Most people underestimate contents, because the mental sum stops at furniture and electronics. Clothing, kitchenware, tools, bikes and anything accumulated over years add up faster than expected. Also check the single-item limit — anything above it usually needs specifying separately, and items away from home may need separate cover.

Read the renewal notice properly

Your renewal notice should show last year’s premium next to this year’s, so a rise is visible at a glance.
For home and motor policies, rules now require insurers not to quote renewing customers more than they would charge an equivalent new customer.
Check the excess — both the compulsory and any voluntary amount. A lower premium with a much higher excess is a different product, not a better deal.
Confirm accidental damage, legal cover or home emergency are still included if you assumed they were.

Tell them what changed

Renovations, a new roof, a home office, a lodger, or a change to how long the property sits empty can all affect cover. Insurers rely on you to disclose these, and a policy that does not reflect reality is the one that fails at claim time.