When your home insurance is due for renewal it is always worthwhile to take some time before paying it to check the market and also check what you actually paid last year.
Renewal retention with insurance companies is always higher for the section of policyholders who pay their premiums monthly as many just renew their policy as the direct debit just rolls on. Policyholders with busy lifestyles may run out of time and just let the monthly premiums continue.
One area to always check though is the percentage increase on last years premium and this is relevant whether you pay monthly or annually. This will let you see how the premium compares.
When issuing renewal paperwork, insurers do not generally quote what was paid the previous year. Several major insurers are considering whether to implement this practice which is good news. However, it would be a surprise if every insurer goes down this route, so it is always best to check what you paid last year and then check the market.
It is amazing how much you could save by running a few quotes as the market changes and an insurer could be very competitive in 2015, but were not in 2013 or 2014 for example. The insurer may be targeting new home business and therefore will have reduced their premiums to attract new policyholders.
To compare home insurance quotes log into www.insurescotland.com to see how much you could save.
Just think how much the savings would amount to over a ten or twenty year period by just taking time to compare premiums at renewal.