Brits lose money by not shopping around for home insurance

Posted : 11-08-2006

Households in the UK lose an average of £144.5 million every month by not shopping around for home insurance, according to research from Barclays.

British homeowners are overpaying on their home insurance by an £1.7 billion a year, the same data showed, averaging out at £112.95 per household.

While many households are change power suppliers with relative frequency, 85 per cent of homes do not change their home insurance providers even when their policy has run out.

Mark Till, marketing director at Barclays Insurance said: "It is amazing to see that people are unaware how easily they can switch their home insurance to a better deal.

"And more importantly that it is not just an option when it is time for their annual renewal quote."

Even though some home insurers may charge exit fees for those switching providers before the policy has run its course, often money can be saved despite these extra charges.

A recent survey from Halifax home insurers found that the best quality of life to be offered in England is at Elmbridge in Surrey.




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