Brits wasting millions by auto renewing home insurance

Brits could be wasting hundreds of millions of pounds a year by auto renewing their home insurance policies, it has emerged.

According to research by moneysupermarket.com, an average of £132 per household could be saved if the best insurance quotes were sought instead of simply continuing with the existing provider.

With 29 per cent of homeowners auto renewing, this means that a total of £937 million a year is potentially being wasted.

Julie Owens, head of home insurance at moneysupermarket.com, urged home insurance customers to shop around for the best deals instead of simply auto renewing their policies.

She 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.

Meanwhile, holidaymakers were recently told to make sure they check they have adequate home insurance to cover their properties while they are away for long periods.