Home insurance bills are racing ahead. It means we all have to do our research early and be ready to move fast when renewing our policies if we want to save money. With average increases of 42% we need to check every aspect of our cover.

Too many people pay too much for their buildings' insurance because they insure for the sale price of their home and not the rebuild cost. Lots of people are also encouraged to pay for cover they do not need and may even pay twice for specific cover such as travel insurance without realising. And even worse they may pay for travel cover that they will not be able to claim on because they are too old.

Most important of all do not allow your policy to auto renew. This allows the insurance company to charge you what they like.

And when you think you have the best value policy do not allow the insurance company to charge you up to 40% more by offering you so-called easy terms. Paying annually is far cheaper than in 12 instalments.

Renewing insurance policies takes time but it is time well spent and should allow you to cut the cost.

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