Martin Lewis, the financial expert, has shared a clever tip for homeowners to save money on their home insurance. By buying insurance around three weeks before the renewal date, Martin claims that it's possible to save up to £500. He explained that insurance prices drop around 30 days before renewal and reach a sweet spot at 3 to 4 weeks before.
Why does this strategy work?
The reason insurance becomes more expensive as the renewal date approaches is because people who leave getting quotes to the last minute are considered higher risk and more likely to make claims. By getting quotes early, homeowners can signal to the insurer that they are less likely to make a claim and can therefore be charged a lower price.
Testimonial from a satisfied customer
Martin shared a testimonial from a customer named Krishna, who successfully saved money using this method. This serves as proof that this strategy can be effective in reducing insurance costs.
Additional money-saving tips
In addition to the home insurance hack, Martin also shared a "naughty" trick to get a free £100 and offered advice on getting paid to turn off appliances this winter. He warned against auto-renewing car insurance, as it could result in significantly higher bills. Lastly, he revealed a trick to get £500 back from energy companies.
By following these tips, homeowners can potentially save a significant amount of money on insurance and other household expenses.
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