Brits overpay £500m per year on home insurance

| July 9, 2009 | 0 Comments
Brits overpay £500m per year on home insurance

Brits are wasting more than £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 £508 million more than they need to on home insurance - equivalent to £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: “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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