You will be able to ask your home insurer for help if you are struggling to make payments due to coronavirus – under rules set down by industry regulator, the Financial Conduct Authority (FCA).
This could include a temporary reduction in cover – removing bolt-ons such as accidental damage, for example – which results in lower premiums, or even a partial refund on the annual cost you have already paid.
If you can’t come to a suitable arrangement, you can ask for a payment deferral of between one and three months – in some cases longer. You will have to actively make the request before 18 August, when the current support will be reviewed again by the FCA.
There are other measures you could take yourself. If your home insurance payment is due and you usually pay annually, consider switching to monthly direct debit. While it can work out slightly more expensive over all, it could ease cash flow problems in the short term.
If your home insurance is due for renewal, run a comparison to see if you can find a cheaper deal. It takes a matter of minutes.