Mortgage provider home insurance warning

Posted : 22-06-2005

Homeowners are advised to scour the market for home insurance and not to automatically purchase cover from their mortgage provider.

While some mortgage providers offer home insurance in conjunction with a mortgage, homeowners are warned that this is not necessarily the best-value option.

According to an insurance comparison website, cover from a mortgage provider could cost twice as much as the cheapest independent premium.

While consumers are advised not to automatically purchase the cheapest premium, homeowners are also reminded that they do not necessarily need the most comprehensive cover either, with different policies suiting different peoples' needs and situations.

Consumers also have the potential of making savings on all of their insurance policies by not automatically renew their premiums and gathering a number of quotes from different insurers when their cover expires.

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