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The best home insurance policies not always the cheapest, suggests expert

Wed, 19 Apr 2006

Consumers looking for home insurance cover should not always go for the cheapest offer, suggests a personal finance expert.

Simon Broadley from the Yorkshire Building Society has suggested that people should shop around for a good home insurance deal that no only fits their budget but also their individual needs.

As household product manager for the building society he believes that people aren't currently looking around at all the possible home insurance options in an increasingly competitive insurance market.

Yet he added that consumers shouldn't approach their home insurance research in the same way they might look for other types of financial product.

"Some people have the same kind of approach they have with motor insurance, which is to find the cheapest deal," he commented.

"The risk with this approach is that you get an insurance which is not adapted to your needs," he added.

His comments follow recent research by the AA British Insurance Premium Index that revealed that home insurance has actually grown more expensive in recent months, although car insurance premiums have remained relatively stable.

The average cost of comprehensive car insurance fell by 0.5 per cent in the last financial quarter while buildings insurance rose by 0.64 per cent and home contents insurance was up one per cent.

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