'Bafflement' in home insurance market

Posted : 05-12-2007

Consumers are confused as to where they can buy their home insurance policies from, according to Sainsbury's Bank.

New research by the financial services provider suggests that 2.94 million people believe they have to buy their buildings insurance from their mortgage lender to secure their mortgage.

Sainsbury's notes that failing to shop around means that many homeowners could be missing out on "great deals".

Women are more likely than men to not bother obtaining a number of quotes, with 16 per cent of females only obtaining one quote, compared to seven per cent of males.

Those aged 65 and over are the least likely to shop around, though, with 37 per cent admitting to not getting additional quotes.

Head of home insurance at Sainsbury's Steve Johnson explains: "Despite the fact that home insurance premiums are reportedly on the rise, there are some great deals out there if people take the time to evaluate what's on offer."

The firm recently advised consumers to try and avoid having to make home insurance claims by carrying out an "MOT" on their property to ensure it is in good condition.


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