The home-insurance renewal arrives.

You look at the new price.

You mutter something unrepeatable.

Then you consider clicking Renew simply because comparing insurance policies is approximately 147th on the list of things you'd like to do this evening.

Before you do, give it ten minutes.

Not simply to see whether somebody else is cheaper.

To check whether the insurance still covers the home you actually live in.

1. Compare more than the price

Existing home-insurance customers have protections under Financial Conduct Authority rules around renewal pricing.

That doesn't mean your renewal is automatically the cheapest deal available elsewhere.

So compare.

But don't compare £240 with £215 and assume you've finished.

Check what each policy actually includes.

Look at the buildings cover, contents limit, accidental damage, additional cover and - importantly - the amount you'd have to pay towards a claim yourself.

Saving £25 on the premium suddenly looks less exciting if you've accidentally accepted a much larger excess.

2. Don't insure your house for what you could sell it for

This one is easily misunderstood.

The amount needed for buildings insurance isn't simply your Peterborough home's market value.

You're interested in the rebuild cost what it could cost to reconstruct the property, including associated demolition, site clearance and professional costs.

If the figure has been rolling forward on your policy for years, check it rather than assuming it's still right.

And if you've extended the house, converted the loft or carried out substantial building work, tell the insurer.

Your house changed.

Your insurance may need to change with it.

3. Now mentally empty every room

How much would it cost to replace everything?

Not merely the television and laptop.

Sofas.

Beds.

Clothes.

Carpets.

Curtains.

Kitchen equipment.

Tools.

Bicycles.

Everything hiding in the garage.

Everything you've forgotten is in the loft.

Contents cover is very easy to underestimate because nobody normally sits down and calculates the replacement cost of their entire life.

Renewal is a good time to try.

Check individual-item limits too. Jewellery, expensive bicycles, watches or technology may need to be declared separately depending on the policy.

Photographs, receipts and serial numbers can also be worth keeping somewhere secure.

4. Look at the excess before celebrating the quote

The excess is the amount you contribute towards a claim.

Choosing a higher one can reduce the insurance premium.

That's fine until something happens and you actually have to find the money.

Also check whether particular claims such as escape of water or subsidence carry different excesses.

The question isn't:

“How high can I make the excess to get this quote down?”

It's:

“Could I comfortably pay this amount if the kitchen ceiling started dripping tomorrow?”

5. Read the boring bits while nothing is wrong

Check what the policy says about:

• accidental damage
• burst pipes and water leaks
• alternative accommodation
• emergency repairs
• business use
• leaving the property empty
• major alterations

maintaining the property.You don't need to memorise the policy.

You do want to discover important restrictions before you're standing in a wet kitchen trying to make a claim.

6. Own a leasehold flat? Check who insures the building

If you own a leasehold flat in Peterborough, the buildings insurance may already be arranged for the block by the freeholder or managing agent, with the cost recovered through your service charge.

Check rather than assume.

Find out what the block policy covers and what remains your responsibility.

You'll commonly still need to consider your own contents and potentially improvements you've made inside the flat.

If you have a mortgage, check your lender's insurance requirements too.

7. Find the claims number before there's water coming through the ceiling

It sounds ridiculously obvious.

Until you need it.

Find out how claims are reported and what the insurer expects you to do during an emergency.

Some policies may require contact before particular repairs are arranged, except where immediate action is necessary to prevent further damage.

Then save your policy schedule somewhere accessible.

Because midnight during a burst pipe is not the ideal moment to discover you can't remember the password to the email account containing your insurance documents.

Ten minutes. Then click renew.

The cheapest policy isn't necessarily the wrong one.

And the most expensive isn't automatically better.

You just want the cover, limits and excesses to match the house and belongings you have now, rather than the ones you had when you first bought the policy.

Then you can click the button and forget about home insurance for another year.

Hopefully.

Property Speak — Translated

Rebuild cost — The estimated cost of rebuilding your home after a major loss. It isn't the same as its selling price.

Excess — The amount you agree to pay towards a claim before the insurer pays the remainder covered by the policy.

Buildings insurance — Cover for the structure of the property and normally its permanent fixtures.

Contents insurance — Cover for belongings inside the home, subject to the limits and conditions of the policy.

Have you ever discovered something unexpected when renewing or claiming on your home insurance?

Tell us in the comments without sharing any personal policy details of course.