To help better understand and learn about your renewal, we’ve put together some FAQ’s. These include information about the price of your cover, any potential changes to your premium and ways to bring down the cost of your insurance.
Your renewal premium explained
Before your policy ends, we’ll invite you to renew. To make things easier for you, you’ll receive a renewal quote four weeks before your renewal date. This will include your new price, the price you paid last time, and the cover details at this time. This gives you plenty of time to review and update your policy if needed.
Your renewal quote is based on your latest cover and the details you’ve provided. It’s also good to know that as an existing customer, your renewal price is the same or better than that of a new customer on a like for like quote journey.
Why is my renewal premium different from what I initially paid?
This could be because of a change you have made to your policy in the past 12 months (for Home Insurance customers) or 24 months (for Smart Home Insurance customers) that affected the price of your coverage.
If your price has increased more than expected, there could be several reasons:
A change in your circumstances with your property and location
Your price might rise due to changes in the risk associated with your property or location, even if nothing has changed for you personally. This could include more claims in your area or increased repair costs.
Severe weather
Prolonged periods of cold weather or rain can damage homes. It’s also good to note that flooding claims have risen over the past few decades.
Present and future claims
Everyone’s premium combined must be able to cover for those who have claimed. Trends like the volume of claims from previous years, expected claims in future years, and how much they could cost are all factored in. That’s why price increases can affect everyone, even if you haven’t claimed, or your cover details haven’t changed
Why have I found a lower price Sky Protect Home Insurance on a comparison website?
If you do find a cheaper quote as a new customer, here are a few reasons why:
Your quote details don’t quite match your renewal
The cover or details provided for the quote are not the same as we already have for you.
You’ve selected a different cover
We offer different levels of cover which vary in price, so your new quote may be different to your renewal quote.
For Smart Home Insurance, this may include selected optional covers such as Accidental damages and Personal Possessions which can affect the premium quoted.
If you find a cheaper price from another provider
If you get a new quote elsewhere and you compare it to your Sky Protect policy, make sure that you are comparing “like with like”. Check that the sums insured, the cover limits, excesses, and any optional covers you selected with us are mirrored in the new quote.
Just remember that cover levels, terms, and exclusions can differ between insurers. So make sure you choose a policy that’s right for you.
Will my price be higher if I renew automatically?
No, if you choose the convenience of automatic renewal there won’t be any difference in your renewal price.
No matter which way you decided to renew, you’ll still receive your renewal invite in good time before your renewal date, giving you plenty of opportunity to review your cover and make changes.
How can I bring down the costs of my insurance?
Although there are things you can do to try and reduce the cost of your insurance, it’s important to make sure that you’ve still got the cover you need. Here are a few ways to help manage your premium:
Your optional cover (add-ons)
Make sure that your optional covers are still relevant before you renew. Keep the add-ons you need and remove any unnecessary ones.
Your details
Even the smallest of changes can affect your price, so always keep your details up to date.
Voluntary excess
You may want to review your voluntary excess. You can increase it to lower your home insurance premium.