When you apply for home insurance, you’re usually asked to list your job title. It might seem like a small detail, but new data from Go Compare shows that your occupation could significantly impact how much you pay. In fact, the difference between the cheapest and most expensive job titles can be a staggering £364.
The Gap Between Job Titles
According to Go Compare, the median premium for a warehouse packer was just £155 in 2024. Meanwhile, an investment manager paid a whopping £519 for their home insurance. That’s an £364 difference between two job titles, and it’s not an isolated case. The disparity also appears within the same industry.
For example, an account director paid a median annual premium of £338, while an account manager only paid £269. Even a slight change in job title can lead to a big difference in premiums. The pattern is especially noticeable among those working in finance, senior management, and the legal sector, who consistently paid the highest premiums.
Investment managers paid £519, investment bankers £518, and barristers £477. Meanwhile, jobs in sectors like retail or manual labor had significantly lower premiums, with warehouse packers paying just £155 and shelf fillers £179.
Why Job Titles Matter
So, why does your job title impact your insurance premium? Insurers consider several factors when determining risk, and they often use your job to gauge how much risk you pose. High-paying, high-status jobs are generally associated with more stability, which insurers see as less risky.
In contrast, occupations with lower pay or less perceived stability might lead insurers to charge lower premiums. It’s important to note, however, that while your occupation is a factor in calculating premiums, other elements like your property type, location, and claims history are also considered.
That said, your job title can still play a large role in what you pay.
The Dangers of Lying About Your Job Title
While it might be tempting to tweak your job title to save money, Go Compare warns against it. Nearly 1 in 4 Brits (24%) admitted to lying on personal finance applications, with 14% of those people lying about their job title. But here’s the problem: lying about your job is considered fraud.
Tamzin Metcalfe, home insurance expert at Go Compare, stressed that insurers could cancel your policy, refuse to pay out on a claim, or even flag you on fraud databases, making it harder to get coverage in the future, reports The Mirror.
How to Save on Home Insurance
The best way to save money on your home insurance is to shop around. When your policy is due for renewal, use comparison websites like Go Compare to see if you can find a better deal. MoneySavingExpert advises that 21 days before your policy expires is the sweet spot for finding the cheapest options.
And don’t forget—if your job changes, or you get a promotion, update your insurance details accordingly to avoid paying too much.
