Over 8 million 'miss out on home insurance deals'

Posted : 13-11-2007

Homeowners may miss out on potentially great home insurance deals, new research has suggested.

A study by Sainsbury's Bank has found that some 8.5 million, the equivalent of 26 per cent of all homeowners, do not obtain any additional quotes when they last renewed their cover.

Head of Sainsbury's Home Insurance Steve Johnson commented that it is "essential" to shop around and not be tempted to just stick with the renewal quote given by a provider.

Of those who did not obtain any additional quotes, 12 per cent said they could not be bothered to do so, eight per cent stated that they did not have time to look for the best deal and ten per cent noted that they trusted their current provider to give a good quote.

"Despite the fact that home insurance premiums are reportedly on the rise, products vary dramatically and there are some cracking deals out there if people take the time to evaluate what's on offer," he stated.

Consumers were recently advised by Lloyds TSB to be prepared for poor weather in coming months in case they need to make a claim on their insurance.


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