HomeFINANCEHow to renegotiate insurance: tips to save without losing protection

How to renegotiate insurance: tips to save without losing protection

renegotiate insurance it’s a way to save some money, but it’s important to understand what you’re trading. The secret is to be able to save, but without that means taking more risks.

Life and home insurance are among the biggest burdens on the family budget and, therefore, any savings in this expense are important. Renegotiating insurance can represent a significant reduction in your monthly or annual expenses.

Whether for the comfort of keeping the same insurer/mediator, or for fear of changing the mortgage life insurance and having a worsening in the spreadthe truth is that we often keep them safe for years.

However, it is always a good idea to try to renegotiate your insurance and see where you can save.

How to renegotiate insurance: where to start

To be able to renegotiate your insurance and be sure that you will really save, it is important to know what insurance you have. That is, what coverages you have. Only then can you compare offers and prices more effectively.

Before renegotiating it is important to bear in mind that cheaper insurance can mean having less coverage. And if there are cases in which this may not make much difference, since they are coverages that you will hardly resort to, in others it is important to ensure that the cheap will not be expensive.

Therefore, it is important to carefully read the policy conditions and then look for a lower price for the same (or similar) coverage.

Change insurer? Not always

Renegotiating insurance can mean looking for another insurer with lower prices, but also staying with the same insurer, but with different conditions.

For example, there are companies that offer a discount if you deal with the entire process online or if you opt for direct debit. In other cases, you can save money if you pay for insurance annually, rather than paying monthly fees.

If you have multiple insurances from multiple insurers, consider joining them all together. It’s a good argument to renegotiate insurance and get a good discount.

The tip, whatever the insurance in question, is to try to understand how you can pay less. And to find out, the best way is to ask.


There is always scope to renegotiate health, home and life insurance. Although they are extremely important, it is not necessary to spend more than necessary to guarantee protection in these situations.

house insurance

See too
Home insurance: how to choose the right one for you

Renegotiate health insurance

This is a step you can take every year, as the duration of these contracts is annual.

Have you read the policy and realized that you are paying for unnecessary coverage? It’s time to renegotiate this insurance so that it suits your needs (and not the other way around).

If you are not thinking of having children, you can, for example, waive your pregnancy and childbirth coverage. If you change your mind, you always have the option of choosing a solution that covers that possibility.

Re-evaluate stomatology-related coverage, as it may not be worth paying more to have this option available.

The same applies, for example, to hospitalization abroad. If you buy the trip with your credit card, chances are you have travel insurance that covers accidents and illness outside the country. And in that case, it’s not worth paying the same thing twice.

Another way to renegotiate health insurance and save money is to try to combine all elements of the household under the same health insurance. Ask for a simulation and see if this option allows you to save some money.

Renegotiate life insurance

It is an insurance often associated with housing credit, although it is not mandatory. That is, although it may not be easy, it is possible to apply for a loan to buy a house without taking out life insurance.

In addition, customers are not required to accept the insurer that is suggested by the bank. The financial institution also cannot use the life insurance it proposes as a condition for credit approval or to maintain the spread.

Thus, it is always possible to renegotiate this insurance and transfer it to another company. However, it is important to do the math and see if it pays off.

When evaluating your life insurance coverage, pay attention to these acronyms: IAD and ITP. The coverage by Absolute and Definitive Disability (IAD) has a lower price, but you can only activate it if the disability exceeds 80%. At coverage for Total and Permanent Disability (ITP) insurance can be triggered if illness or accident results in a 66.6% disability. And in this situation, the loan is paid off.

If your company offers you life insurance, then try to associate it with a home loan. Even if the coverage is lower, you can try to do it and pay the excess amount.

Transfer life insurance from home loan

See too
How and when to transfer mortgage life insurance

Renegotiate home insurance

Fire insurance is mandatory for anyone who owns an apartment and, therefore, has mandatory coverage that cannot be waived.

In this type of insurance you can choose two modalities: Fire and Elements of Nature or have this option included in a multi-risk insurance. So, you can try to compare the two options and renegotiate the insurance in order to have just one, but more comprehensive.

Care to be taken when renegotiating multi-risk insurance

In the case of multi-risk insurance, the premium is calculated according to the value of the reconstruction. That is, how much would it cost to rebuild the house if it were destroyed. The amount is determined by the insurer and must correspond to the market cost of the respective reconstruction, taking into account the type of construction or other factors that may influence this cost.

APS – Associação Portuguesa de Seguradores has a simulator to be able to calculate this value and, thus, understand if the insurance you have is the most suitable.

However, you should keep in mind that the value shown on the policy is the minimum reconstruction value. If there is a total loss of the property, this amount may not be enough for the reconstruction. When the capital insured is less than the cost of reconstruction, the proportional rule applies. That is, the insurer only pays the part
of damages proportional to the relationship between the cost of reconstruction at the date of the accident and the sum insured.

In addition, the condominium assemblies can determine that the insurance is taken out for an amount greater than the reconstruction value, so before renegotiating your insurance, you should inform yourself about these situations.

The proportional rule is also used in home contents insurance. If you take out insurance for a lower amount, in case of loss the compensation is also lower.

So, when renegotiating home insurance, it’s important to realize whether an apparent savings won’t be harmful if something happens.

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