UK home owners collectively waste £937 million a year on home insurance

A recent survey conducted by moneysupermarket.com found that the average home owner in the UK is losing £132 a year, which works out as £937 million collectively, by simply letting their home insurance renew without shopping around to get a cheaper deal. 29% of those who took part in the survey said they let their insurance policy renew automatically with 15% saying they didn’t believe they’d be able to find a better deal elsewhere. Another common reason for not searching out a better deal was that people didn’t have time, or couldn’t be bothered. On average homeowners in the UK stay with the same insurance provider for 3 years with 48% revealing that they’ve not switched companies in the last 2 years. 1 in 10 homeowners however, have stayed with the same insurer for the last 10 years. With the introduction of insurance comparison websites it’s never been easier to shop around and compare the cost of insurance with a range of different providers. If each homeowner in the country did this each year, they would have on average, an extra £132 in their pocket. Although many people enjoy the ease of letting their home insurance policy renew automatically, insurance experts warn it’s a hefty price to pay for convenience.