Cheapest not always best for home insurance

Homeowners should make sure they shop around and compare different home insurance policies rather than opting for the cheapest deal to save money.

Graeme Trudgill, technical and corporate affairs executive at the British Insurance Brokers Association (BIBA), said insurance for the home is not just about price but having the right cover and suitable protection.

Commenting on a recent Moneysupermarket survey which found households could be losing £132 per year by simply renewing their cover, Mr Trudgill said it is sensible to shop around and compare deals but there is no requirement to regularly change provider.

There are lots of reasons why they might want to stay with who they are with because it may be the absolute best one, he said, but added that it's important to check policies are still relevant and fairly priced from time to time.

The Moneysupermarket report found that 29 per cent of homeowners automatically renew their home insurance cover each year.

Some 48 per cent of homeowners polled said they had been with the same home insurance provider for more than two years.