Budget Home Insurance Review and Quotes

antoine fruchard Antoine Fruchard  updated on July 27, 2020

Would you like to protect your home against any damage or an unfortunate event such as a house fire or theft? 

Are you wondering if Budget is the best home insurance company to protect your house?

You’ve come to the right place. 

This ultimate and up-to-date review on Budget home insurance gathers all you need to know: consumers reviews, cover details, prices, claim process, contact numbers and much more. Let’s dive right into it.

Is Budget the best insurance company for you?

Getting the best home insurance deal is not just about the price. Indeed, focusing on just getting the cheapest deal might be a bad calculation when it comes to getting a good pay-out if your home is damaged as a result of an unfortunate event such as theft, fire or natural disaster.

At Safe, we’ve studied in detail Budget’s home policy terms and conditions and given our own ratings based on different criteria for combined building and contents insurance policy.

3,3 Safe overall rating for Budget

Safe ratingOur opinion
Customer service & satisfaction
and claims

Great Trustpilot customers reviews
UK claims helpline and customer portal
Only one helpline for claims
 3 stars rated by Defaqto

Cover provided for your home

Average cover limits and excess
Unoccupancy period cover of only 45 days
Only £15 000 emergency accommodation cover under building insurance

Value for money

Affordable rates starting at £120
No NCD available nor discount for combined building and contents insurance

Financial strength

 Trading name for BISL limited, authorized and regulated by FCA
Part of the BGL Group (Dial Direct, Fiftly Life, Beagle Street)

Technology

Customer portal My Account to manage policy
Well organized website
 No Live Chat, nor detailed FAQ

Safe rating for Budget home insurance

Expert and customer satisfaction reviews for Budget home insurance

Review organisationBudget home insurance reviews

Defaqto expert
defaqto 3 stars 1
Trustpilot4,5/5 based on 7,397 customers reviews
Which? Score

44% for building insurance
44% for contents insurance

Consumer satisfaction rates on reviews for Budget home insurance

Our general opinion on Budget home insurance

Budget home insurance is well rated on Trustpilot which means that the claim process must be efficiently handled.
However, the standard home insurance is only rated 3 stars by Defaqto.

The building insurance only offers £15K alternative accommodation and unoccupancy period cover of 45 days.

Contents cover is also quite poor compared to others insurances on the market.

What does Budget home insurance cover?

What is more important than protecting your home – the roof under which you sleep with your loved ones? 

Applying for home insurance at Budget will allow you to protect the structure of your home (buildings insurance), what is inside (contents insurance) or both (combined buildings and contents insurance). 

Without home insurance, your home is exposed to any kind of risk, from a minor water leak to a fire, and you are liable for any repairs – whatever the cost this represents. 

Home insurance at Budget covers you for any damage made as a result of an unfortunate event such as theft, fire and natural disaster causing leaks, flooding, etc.

Budget buildings and contents insurance

Budget provides three main types of household insurance: 

  • Buildings insurance
  • Contents and personal possessions insurance
  • Combined policy

Buildings insurance covers the structural aspects of your home. It will cover any damage made to your walls, floors, ceiling, windows, outbuildings, garages, etc. You can also extend your buildings insurance to permanent fixtures such as bathrooms, etc. Buildings insurance is for homeowners.

If you buy your property and get a mortgage for this, you will be asked to provide valid buildings insurance. Buildings insurance is not mandatory, though. However, you must know that an average claim for repairing a burst pipe for example is £25 000.

Contents insurance will cover any damage made to your belongings inside your home or in your garden (TV and other appliances, furniture, etc). In other words, it will cover anything which is not structural.

House contents insurance is highly recommended (especially in case you get burgled or if you are renting a furnished flat) but is not mandatory.

In the event of a fire, for instance, buildings insurance will give you compensation for your home structure, your walls, roofing or other structural elements damaged during the fire, and contents insurance will cover any damage made to your household appliances, furniture, jewellery and so on.

You will find below policy details for building and contents insurance:

Budget building insuranceLimits
Maximum sum insured

£1 000 000

Owner liability

£2 000 000

Alternative emergency accomodation

£15 000

Period of home’s unoccupancy cover

45 days

Repairs guarantee period

Varies

Trace and access

£5 000

Burst pipe

As standard

Blockage of sewer pipe

Not covered

Gradual build-up of groundwater

Not covered

Subsidence

As standard

Underground services

Available as extra

Keys cover

£500 – £1000 (optional extra)

Flood and storm damage (except for fences)

As standard

Budget building insurance

Limits mentioned above are part of the total sum you insured with your insurer when applying for home insurance (and not in addition to).

Let’s have a look now at Esure contents insurance limits:

Contents insuranceLimits
Maximum sum insured

£99 000

Owner liability

£2 000 000

Alternative emergency accomodation

£7 000

Period of home’s unoccupancy cover

45 days

Damage made by pets

Not covered

Contents kept in garden

£1 000

Contents kept in outbuildings (garage included)

£99 000

Thefts from outbuildings

£2 000

Single item limit for valuables

£1 500

Items temporarily removed from home

£7000 (under personal possessions cover – optional extra)

Money in and outside the homeInside:

£100


Outside:

£350 (optional extra)

Credit cards in and outside the homeInside:

£500


Outside:

£500 (under personal possessions cover – optional extra)

Business equipment kept at home

£3 000

Student equipment

Not covered

Keys cover

£500 – £1000 (optional extra)

Budget contents insurance

Budget home insurance additional cover

On top of your Budget buildings and contents insurance, you can find additional cover such as:

Home insurance additional cover
Accidental damage cover

Optional extra

Home emergency

Not available

Boiler cover

Not available

Legal protection
  • Available as standard
  • Up to £50 000 for expert lawyers fees
Personal possessions
  • Optional extra
  • Up to £20 000 for personal possessions cover at home
  • Up to £20 000 for single item limit away from home
  • Up to £1000 limit for personal possessions kept in a car
Mobile cover
  • Part of the personal possessions cover
  • Up to £1500 limit
Bicycle cover
  • Part of the personal possessions cover
  • Up to £5000 limit

Budget home insurance excess

The deductible you’ll have to pay in case of claims are as described below:

For both building and contents insurance
Excess for standard claims£100 – £550
Excess for escape water claims£350
Excess for subsidence claims£1 000
Excess for personal possessions£100 – £550
Excess for keys£100 – £550
Budget home insurance main excess

Budget home insurance fees and NCD

To manage your policy, renew, cancel or modify it, Budget fees are as follows:

Fees applied to manage your Budgethouse policy
Interests on payment installments29,90%
To renew my policy£0
To adjust my policy£20
To duplicate documents£0
To cancel my policy during cooling-off period£35
To cancel my policy outside cooling-off period£35
For payment default£20
To switch from one insurer to BudgetNot covered
Home insurance fees at Budget

How much does Budget home insurance cost?

You will below indicative quotes for building and contents insurance at Budget:

Building insuranceContents insurance
Excess£100 – £550£100 – £550
Home coverBuilding: £250 000
Contents: £20 000
Personal items: £4 000
Building: £500 000
Contents: £50 000
Personal items: £8 000
Premium£175,53£344,42
Home insurance quotes at Budget

It is very difficult to give a precise range of how much exactly will your home insurance cost at Budget as it will mainly depend on:

  • The insurance you apply for (building, contents, combined insurance, extras)
  • Your address
  • Your claim record
  • The insured value of your home and of your personal belongings, etc.

Budget will establish a risk rate, taking into account all these elements, and offer you a price based on it. 

The average cost of combined buildings and contents insurance in 2018 was £163, with contents insurance usually counting for a third of the premium (around £60) and building insurance for the rest (around £110). However, premium will be higher if you buy stand-alone building or contents insurance.

Do you want to compare the cheapest home insurance quotes? It couldn’t be easier. Just do a quick home insurance comparison using our comparison tool below. It takes only 15 seconds and is completely neutral and 100% anonymous.

Budget home insurance discounts available

No discount available.

How do I a claim on Budget home insurance?

To claim at Budget you will need to call the 24/7 available claims helpline at the number mentioned below. You can also report your claim through My Account Budget customer portal online.

You will be asked to provide your insurance policy number as well as details on claim circumstances such as date and time, pictures or other person involved.

How to claim on Budget home insurance?
Claim by phone

0344 4122 128

How to claim on my home insurance at Budget

If you claim is related to a criminal incident (theft, fire etc), you must call the police upfront.

How can I cancel Budget house insurance?

To cancel your Budget house insurance, here is what you need to know: 

Cancelling your home insurance at Budget
Cancellation notice if Budget cancel your policy7 days
Cancellation feesFees during cooling-off period: £35
Fees outside cooling-off period: £35
Cancel by phone

0344 4122 123

How to cancel my Budget home insurance

How to contact Budget home insurance?

ServicesPhone numbersOpening hours
Claims

0344 4122 128

24/7

How to contact Budget home insurance

Budget home insurance contact details

Budget contact details
Budget address

Budget Insurances
Pegasus House, Bakewell Rd, Orton Southgate,
Peterborough PE2 6YS, UK

Customer service email

Not available

Chatbot available

Not available

Budget contact details

How do I log in to Budget customer portal?

You can log in to your customer portal at Budget called My Account (https://www.budgetinsurance.com/my-account/login-and-registration/)
This allows you to manage your policy online:

  • see your documents
  • claim
  • get or retrieve quote
  • upload documents.

How do I get Budget home insurance quotes? 

To get a quote online at Budget, it couldn’t be simpler. 

You can go on our home insurance comparison tool here and compare the main home insurance deals on the market. If Budget is the company that best suits your needs, then you just click on the ‘Get quote’ button and follow the whole process explained online.

To get Budget home insurance quotes, you will need to provide:

  • Your personal information: ID, age, phone number and job
  • Your address and postcode
  • Your homeowner record (claims included)
  • Your home description (type of property, the date it was built, how many square metres inside and outside)
  • Your property related status: do you own it, rent it, have a mortgage on it, etc.
  • Extras you’d like to get on your home insurance, contents sum insured and the excess you’d like to pay.

The types of questions you will be asked are typically:

  • Are you a first-time buyer?
  • Has the property ever suffered from subsidence, cracking, subsidence or undergone any underpinning (or showed any signs)?
  • Has the property ever been damaged by flood?
  • Has anyone living permanently at the property made any home claim(s) for loss or damage in the past X years (usually 3) or had any claim(s) made against them? etc.

5 tips to reduce your Budget house insurance quote

  • Always shop around on home insurance comparison sites. If you do not auto renew and instead apply for new home insurance, you will easily be able to lower your house insurance cost and benefit from new customer discounts.
  • Increase the excess amount you are willing to pay in case you make a claim.
  • Choose the level of cover that is right for you. Insure with the right sum for both your buildings and contents insurance. If you do not have high value items, consider an ‘indemnity’ contents insurance rather than a ‘new for old’ one.
  • Opt for a policy offering No Claim Bonus to lower your premium if you’ve gone for a few years without making any claim.
  • Consider index-linked cover for building insurance to follow prices of building materials.