UK home owners could be wasting up to £1.7 million a year by failing to shop around for new home insurance deals, and switching to a different provider when they find a better deal, new research has suggested.
The study was carried out by leading insurance comparison website Confused.com, and it was discovered that the homeowners are missing out of an average save of £96.43 per year by not shopping around for a better deal on buildings and contents insurance cover.
The most common reason for not switching home insurance providers is that home owners don’t believe the hassle of moving their cover is worth it when they consider how much they’ll gain financially, with 19% of respondents giving this as their main reason for not switching.
Another 13% of those questioned as part of the poll said they had never moved their home insurance policy to another provider.
Head of home insurance at confused.com, Mark Gabriel, believes consumers who shop around for cover are more likely to save money and get a better deal. Another benefit is that the policyholder has the chance to alter their home insurance package when they switch so that it accurately reflects their needs, whereas home owners who simply stick to the same policy year on year out, run the risk of continuing with the same old policy which may not over time, be adequate to their home insurance needs.
