If you buy your home insurance 27 days before your renewal, you could pay around 19% less than if you buy the day before your renewal, according to Go.Compare.

The findings from the price comparison site are based on the average premium paid by policyholders for all buildings, contents and joint buildings and contents insurance in September 2022.

And it found that the most expensive day to buy a policy is just two days before the renewal date.

Ceri McMillan, home insurance spokesperson for Go.Compare, said: “At a time where we are all looking to save money on our outgoings, this type of information could come in really handy if you’ve just had your renewal notice from your current insurance company. The potential saving of 19% is a good chunk of your premium and all you need to do is take out your policy on a different day.”

Five top tips to save money

Go.Compare home insurance also published its top tips for those looking to save on a home insurance policy without compromising on the cover in place:

1. Pay in full, if you can: It’s estimated that you can save around 10% on your premium by paying for the policy in one lump sum, as opposed to monthly payments. This is because your insurance provider is ‘loaning’ you the cost of your policy over its term, so charges interest on the amount.
Some insurers allow you to spread the cost over 12 months without paying any interest, so if you can’t afford the cost of paying the full amount up-front, this might be a deciding factor in which policy you choose.

2. Combine buildings and contents policies: You can cover your buildings and contents insurance in one policy, or buy separate policies that cover just the building or just the contents. Often, it works out cheaper to buy them together from one provider. This is because insurers sometimes offer discounts on combined policies.

3. Take care of your home: Keeping your home in good condition means you’re less likely to make a claim – so this could affect the cost of your insurance. Making sure you check for loose roof tiles, broken guttering and keep an eye on the condition of your windows means you are less likely to be affected by extreme weather conditions. Also making sure that pipes are well insulated so they don’t freeze and burst in cold weather is also good practice.

4. Securing your home: Things that can help secure your home could also help you secure a cheaper premium, including installing an approved burglar alarm, security lighting and key operated locks on windows – but before you make any changes, it’s also worth working out whether the cost of the equipment will outweigh the savings you’ll make.

5. Never auto-renew: Financial Conduct Authority (FCA) rules that came into effect on 1 January 2022, forced firms to stop the practice of ‘price walking’ and ensure that renewal quotes for home insurance consumers are not more expensive than they would be for new customers. But even though a renewal quote won’t be more expensive, that’s still just one price from one insurer and comparison sites will be able to help you compare quotes from a range of insurance companies. It’s worth comparing policies annually to make sure you’re getting the best deal for you.