A new build is a home that hasn’t previously been lived in. They’ve usually been built in the last 2 years or so.
Most new builds come with a warranty, called the National House Building Council (NHBC) Buildmark guarantee. This covers you for any issues with the structure of your home that result from poor workmanship, and lasts for 10 years.
But it doesn't cover everything, and home insurance is still a good idea, even if you have the Buildmark guarantee.
If you’re ready, get a quote to find a great deal on your home insurance.
Or read on to learn more about insuring a new build, and for more reasons to get cover.
Whether you’re insuring a new build home or any other type of property, there are 2 main types of home insurance: buildings insurance and contents insurance.
Average annual cost of home insurance for newer homes*:
Combined home insurance
£130
Buildings insurance
£87
Contents insurance
£61
*Average cost of a house built since 2020. Confused.com data 01/01/2023 to 20/06/2023
It costs £130 to insure a home built after the year 2020, on average. This is cheaper than the average across houses of all ages, which sits at £218*.
There are a few reasons why insurance is cheaper for newer properties:
They tend to be less expensive to repair than older homes, as they’re built with modern building techniques and materials.
They’re newer so they’ve suffered from less wear and tear, and have fewer of the structural issues that can affect older homes.
They tend to be simpler in design, with fewer non-standard features you may find on older homes like thatched rooves or timber frames. These come with added risk, can be expensive to repair and are difficult to maintain.
They tend to be more secure, and are more likely to be fitted with locks meeting the British Standards Institution's latest standards.
*Confused.com data 01/01/2023 to 20/06/2023.
Even though home insurance is already relatively cheap for new build houses, there are ways to bring your costs down even further.
Buy a combined policy: If you need both home and contents insurance, getting a combined policy could be a quick way to save. According to our data, buildings insurance costs £87 on average for a new home, and contents insurance costs an average of £61. A combined policy costs an average of £130, which is 14% cheaper than buying 2 separate policies.
Change your excess: This is the amount you agree to pay towards the cost of a claim. Most of our customers choose to pay an excess of £250 - and with good reason. Those paying £250 saved an average of 11% on their home insurance, compared to those who chose to pay no excess*.
Pay annually: Paying for your cover in one lump sum is a quick way to save, as insurers charge more to split your insurance costs into monthly payments. Our data shows that those who paid annually saved an average of 6%* on their insurance, compared to those who paid monthly.
Don’t over insure yourself: Getting the right amount of cover is crucial. Too little and your insurance won’t pay out enough to replace what you’ve lost. Too much and you'll pay more than you need to. The average amount of contents cover our customers get is £51,646**, but this might not be the right amount for you. Use our contents calculator to find out exactly how much cover you need.
Limit your policy add-ons: Things like accidental damage cover can be a good idea if you want to make sure your insurance covers you for all eventualities. But add-ons come at a cost, and choosing extras that you don’t actually need can lead to unnecessarily high costs. Think about what policy extras you need before buying.
*Confused.com data 01/01/2023 to 20/06/2023.
**Confused.com data 25/03/2023 to 20/06/2023.
Average contents insurance amount taken out:
£51,646*
*Confused.com data 25/03/2023 to 20/06/2023
If you’re looking at buildings insurance
The amount of cover you need is based on the rebuild cost of your home. This is how much it would cost to rebuild your home from scratch. It’s usually less than the value of your home, as what you pay for a house depends on more than just how much it cost to build.
We can help you estimate your rebuild cost when you get a quote.
If you’re looking at contents insurance
You need enough cover to repair or replace all of your possessions. To do this, you’ll need to work out the total value of everything you own. You’ll also want to ensure you don’t get too much cover, otherwise you could be paying for insurance you don’t actually need.
The average amount of cover our customers get is £51,646*. But our useful contents insurance calculator can help you figure out exactly how much contents cover you need.
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