Home insurance renewal tips for couples sharing a home

The best home insurance renewal tips come down to getting the numbers and the facts right before you look at the price. Check that the buildings sum still reflects what it would cost to rebuild your home, add up what your contents would really cost to replace, make sure the insurer has accurate details about the house and the two of you, and then compare quotes like for like, looking at excesses and limits as well as the headline price. Do it together, a few weeks before the date, with one shared file so nothing depends on one person's memory.

Our guide on whether you should let your insurance auto renew covers the bigger decision and the FCA's renewal pricing rules. This one is the practical side: the homework that makes a home insurance renewal quick, accurate and fair to both of you.

Home insurance renewal tips: start with the two big numbers

Most of what a home policy does depends on two figures. If either is wrong, a cheap renewal isn't much of a bargain.

The buildings sum (if you own the home)

Buildings cover is usually based on the cost of rebuilding your home from scratch, which is not the same as what it would sell for. A rebuild figure includes things like clearing the site, materials, labour and professional fees, and it can be higher or lower than the market value.

• Look at the figure on your renewal notice and ask yourselves when it was last checked.
• If you've had an extension, a loft conversion, a new kitchen or other building work, the rebuild cost may have gone up.
• Your mortgage lender may have conditions about buildings cover, so check your mortgage paperwork too.
• If you're not sure, ask your insurer how they arrived at the figure. Some calculate it for you, which you should still sense check.

If you rent, the landlord normally insures the building, and you only need to think about contents. Check your tenancy agreement if you're unsure.

The contents sum

Two people's belongings add up faster than either of you expects. The simplest way to get a realistic total is a room by room walk round:

1. Pick a room and list the main things in it: furniture, electricals, clothes, books, kitchen kit.
2. Put a rough "cost to replace new" figure next to each group. Not what you paid, and not what you'd get for it second hand.
3. Do every room, plus the loft, the shed, the garage and anything in storage.
4. Add it up and compare it with the contents sum on your notice.

While you're at it, take photos or a short video of each room. It's useful evidence if you ever need to claim, and it takes ten minutes.

Check the details the insurer holds

An insurer prices and pays claims based on what you've told them. Details that were right three years ago may not be now. Go through these together:

• Who lives there. If one of you moved into the other's home, make sure the insurer knows. Ask how the policy treats a partner who isn't named on it.
• The property. Number of bedrooms, the build, any extensions, the type of locks on doors and windows, and whether you've fitted an alarm.
• How you use the home. Working from home, running a small business from the spare room, taking in a lodger or letting a room out short term can all matter. Tell the insurer and ask whether the cover still applies.
• Time away. Policies often have conditions about the home being left empty for a long stretch. If you travel for long periods, check what yours says.
• Claims history. Answer questions about past claims accurately, for both of you if asked.

If anything on the notice or the policy schedule is wrong, ask the insurer to correct it before the renewal date, and keep the updated documents.

What to compare, beyond the price

When you compare your renewal with other quotes, look at the cover side by side. Two quotes that look alike on price can be very different underneath. For each one, note:

• The excess, both compulsory and voluntary, and whether there are separate excesses for things like escape of water or subsidence.
• Accidental damage. Is it included, an add-on, or missing? Does it cover buildings, contents or both?
• Single-item limits. The most the policy will pay for any one item, such as jewellery, a laptop or a bike, unless it's listed separately.
• Cover away from home. Belongings you carry with you (phones, laptops, bikes, a wedding ring) are often only covered with an add-on.
• Legal expenses and home emergency cover. Useful to some households, an overlap for others. Check you're not paying twice through another policy.
• Alternative accommodation. What happens if you can't live in the home after an insured event.
• How you pay. Paying monthly can work differently from paying in one go, so check the total for the year either way.

Since January 2022, FCA rules have meant your home insurer can't quote you a higher price to renew than it would charge an equivalent new customer. That doesn't make it the cheapest option on the market, so comparing still makes sense. This is general information, not financial advice, and it doesn't recommend any insurer. For impartial help with money and insurance questions, try MoneyHelper, and check the current rules on the FCA website.

Sharing the job fairly

The usual pattern in a shared home is that the policy, the emails and the decision all sit with one person. That's how renewals get rushed or missed when that person has a busy month. A few ways to share it:

1. Split the homework, not just the decision. One of you does the contents walk round, the other checks the buildings sum and the policy details. Then sit down together for twenty minutes with both.
2. Agree what matters to you as a couple. For example, a lower excess, accidental damage cover, or cover for bikes away from home. Write it down so the next comparison starts from the same list.
3. Make sure both of you can find the documents. Policy number, insurer's claims line and the schedule should be somewhere you can both reach, not just one person's inbox.
4. Put both names on the reminder. A reminder only one of you sees isn't a shared reminder.

If you're also juggling car, contents, pet and other policies, our guide on how to keep track of renewal dates shows how to put them all on one calendar.

Keep a home insurance file all year

The fastest renewals happen in homes where the information is already gathered. Keep one folder, paper or digital, with:

• the current policy schedule and terms
• last year's renewal notice, for comparing prices and cover
• your contents list and room photos
• receipts or valuations for anything expensive
• notes of any building work, with dates
• any claims made, with dates and outcomes
• the insurer's claims phone number

Add to it as things change. A new sofa, a new bike or a new bathroom goes in the file the week it arrives, not at renewal.

Common mistakes at renewal

• Rolling over the old contents figure. It was a guess years ago and it's a worse one now.
• Comparing on price alone. A lower price with a much bigger excess or missing cover may not be the better deal for you.
• Forgetting to cancel the old policy. If you switch, make sure the new policy starts the day the old one ends, and tell your old insurer you're not renewing so you're not paying twice.
• Not telling the insurer about changes. A partner moving in, a home office or a lodger can affect your cover. Mention it before you renew.
• Leaving it to the last day. Give yourselves a few weeks. You'll want time to ask questions.

Where mylife/ helps

mylife/ keeps your home details, including insurance, in its home ledger, with the renewal date and how often it repeats. You get a nudge before the renewal is due, never during your quiet hours, and a morning note can flag it a couple of weeks ahead. You can photograph the renewal letter or pick the PDF and Slash, your mate, fills in the details for you to check before anything is saved. If that would save the two of you a job, try mylife/ free for 3 days.

Frequently asked questions

When should I start looking at my home insurance renewal?

A few weeks before the renewal date is a sensible time. It gives you room to read the notice, update your details, compare quotes and ask the insurer questions without rushing. Put a reminder in your shared calendar as soon as you know the date.

Is the rebuild cost the same as the value of my house?

No. The rebuild cost is what it would cost to rebuild the home from the ground up, including site clearance and fees, while the market value includes the land and the local property market. Buildings insurance is usually based on the rebuild cost, so check that figure specifically.

Do I need to tell my insurer if my partner moves in?

It's sensible to tell them, as the policy should reflect who lives in the home and whose belongings are covered. Ask how the policy treats a second person who isn't named on it, and what adding them would involve.

Can I switch home insurance before my renewal date?

Usually you can, but cancelling mid-term may involve a charge depending on your policy terms, so check those first. Switching at renewal is often simpler: arrange the new policy to start on the day the old one ends, and tell your current insurer you won't be renewing.