Home Insurance Renewal: What to Consider

How does home insurance renewal work?

Every year, your insurance company will send you a home insurance renewal offer, that will set out the sums insured, details of the cover provided and the premium to renew. They may also highlight whether you will receive any additional benefits and/or discounts. If the sums insured and the level of cover remains suitable for your needs, and you do not need to make any changes to your policy, the renewal process should be straightforward and involve you simply agreeing to / accepting the renewal terms. However, there’s a few things you should pay close attention to.

What do I need to check during the home insurance renewal process?

Your current cover

Regardless of how long ago you set up (or last renewed) your home insurance, you will want to regularly check the sums insured, and the cover limits, as well as the benefits and discounts you’re entitled to. Aviva’s home insurance offers up to 40% off if you’re claim free, as well as extra home insurance discounts, like 15% off both your car and home policies if you insure both with Aviva Direct.¹

Consider home improvements/new contents

Things change, and our homes and possessions do too. You may have built an extension, redone your bathroom, or treated yourself to some beautiful new furniture since your last renewal. If so, then you need to review your sums insured.

The SCSI’s House Rebuild Calculator can help you calculate the current rebuild cost of your home. When doing your calculations, consider the updated value of any costly items – above-average kitchen fittings, finishes, etc. You can also add any other outbuildings, like a studio or an office. The resulting figure will serve as a minimum baseline guide for what level of building cover you need to rebuild your home should the worst happen.

Also, to make sure you have the right coverage for your belongings, remember to insure them for their current replacement value. Create a list of items you want to protect and calculate the total cost of replacing them, including items that might be stored away or not immediately visible. Why not try Aviva’s contents insurance calculator to help you list your contents and calculate the total replacement costs.

New Policy benefits/discounts

Policy benefits and discounts add value to your home insurance renewal, especially if you are claim-free. Policy benefits can enhance your coverage. While additional discounts or optional extras can provide you with options to reduce premium costs, making insurance more affordable while maintaining your home protection.

Aviva home insurance cover ensures your home is well-protected. Along with the security of having your home in safe hands, you can enjoy additional benefits such as coverage for fire brigade charges, reimbursement for replacing frozen food damaged in your domestic freezer, refunding for lost or stolen credit/debit cards and even for replacing stolen keys, alarm keys, and safe locks.

What is under-insurance?

With renovation and building costs soaring in the past few years, under-insurance can be a costly error. When considering how much to insure your home for, consider the rebuild cost of your home, not the market value. Learn more with our guide how to avoid over or under-insuring your home.

With Aviva, you’ve got the choice to find the level of cover that’s right for you – you can choose just home or contents insurance or combine them to be fully covered. Check out our home insurance options and get a 40% discount on your quote if you’re claims-free.