A report by insurance comparison website Confused.com has revealed that homeowners in the UK are losing out on hundreds of pounds by not exploring possible savings from switching their home insurance provider .

It was found that people owning their own homes could save in total up to GBP1.7 million each year if they shopped around for improved deals on home insurance and moving to a new provider if they offered better terms that currently being received.

The findings show that homeowners are losing out on an average saving of GBP96.43 a year if they found improved terms on buildings and contents insurance policies .

Homeowners admitted that the main reason they did not investigate switching insurance provider was they believed the hassle of doing so would outweigh the cost savings achieved, with 19 per cent of people taking part in the survey responding that this was why they did not switch. In addition, 13 per cent of people claimed they had never moved their home insurance cover to any another provider.

The report stated that people who shop around for a different policy have a greater chance of saving money and receiving a better deal. Policyholders can also change their home insurance cover for the better, to more realistically reflect changing circumstances since they last took out insurance .

Similar Posts:

Share