Brits overpay A?500m per year on home insurance

Brits overpay A?500m per year on home insurance

Brits are wasting more than A?500 million a year by failing to shop around for the best deal on their home insurance.

Research by Your Money, in conjunction with Confused.com, found that homeowners are spending an annual A?508 million more than they need to on home insurance – equivalent to A?180 per household.

A second survey by Mintel found that 70% of home insurance customers only get one quote when arranging cover.

Darren Black, Confused.com’s head of home insurance, said: a�?Loyalty does not pay and those who are staying with insurers in the hope such behaviour will be rewarded, are in for a nasty and expensive surprise.

“To get the best price for insurance, customers need to review and renew policies afterwards on a regular basis.”

Earlier this week, AA Insurance claimed that two in five households could save money buying contents and buildings insurance from separate providers rather than opting for a combined deal.

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