Britons throw away money by auto renewing their home insurance policy
Britons could save money by looking around for cover when their home insurance policy come to an end, according to moneysupermarket.com insurance.
Computer is the best tool in order to help you making the best choice for your home insurance. Indeed, insurance quotes comparison websites are very easy to use and can get you the best deal. They provide quotes from different insurance companies within minutes. Simply fill out a form available on the website, which asks basic information on your home, submit and you get the quotes in minutes.
Head of home insurance at moneysupermarket.com, Julie Owens explained that: “Shopping around for the best deal is quick and easy; by not doing so Brits are effectively watching their hard earned cash go down the drain”.
Research conducted by moneysupermarket.com showed that people could save up to £132 a year by looking around for a new policy rather than staying with their existing provider. The research shows that more than 29% automatically renew their home insurance; among them, 15% think they won’t be able to find better deal elsewhere, whereas 14% simply “can’t be bothered” to shop around.
According to Mortgage Introducer website, “Brits stay with their provider for three years, with the over 55s staying most loyal - sticking with their provider for an average 3.6 years. Almost half of homeowners (48%) have been with the same provider for over two years, and a tenth have been with the same provider - sacrificing potential savings - for ten years or more.”
However, you need to be very careful and not choose the cheapest deal available, because the cheapest home insurance package may not be best at all. Graeme Trudgill, technical and corporate affairs director at the British Insurance Brokers Association, has said that: “At the end of the day, it is not just about price. It is actually about having the right cover and suitable protection for you.”
Julie Owens added:”While home contents insurance is not a legal requirement, I would urge every household to have combined buildings and contents insurance in place. Comprehensive policies will cover your home against problems such as subsidence, burst pipes, personal liability and even boiler breakdown in some cases, all of which could land you with a bill for thousands of pounds. This is in addition to more common incidents such as theft, burglary or loss of possessions away from the home. Without having cover in place you could end up having to foot a very expensive bill.”
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