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Switching home insurance could save Brits GBP26m, research shows

Tue, 10 Jun 2008

Not switching home insurance cost Britons an extra £26 million last year, new research shows.

The study, undertaken by Tescocompare.com, reveals that 64 per cent of home insurance customers stayed with their current provider, despite the fact that 44 per cent saw their premium increase.

More than four million people had the cost of the home insurance increased by more than the rate of inflation .

Paul Baxter, of Tescocompare.com, said: "The message behind this research is clear - many millions sleepwalk through their insurance renewal allowing their insurer to increase premiums unchallenged."

Home insurance customers should make sure that they shop around for a better deal each time their premium comes up for renewal, he added.

Price comparison websites are a good way to find cheaper home insurance, Mr Baxter stated.

Last week, Neil Laird, home insurance manager for Sainsbury's Finance, warned people who plan to undertake major DIY projects could end up invalidating their policy.
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