Many Brits could be paying too much for home insurance, as 42 per cent were found to simply stick with their current home insurance provider when the time comes for them to renew their home insurance policy.
Privilege Insurance also found that only half of people with home insurance and home contents insurance shop around for an alternative quote when looking for home insurance.
The home insurance provider says that many home insurance policyholders take out their home insurance with their mortgage lender. Citing "convenience", 65 per cent fail to shop around for a better deal when it is time to renew their policies, and stick with their mortgage lender.
"Clearly there is still some inertia in the home insurance market, but double-checking the competitiveness of your renewal quote need only take a few minutes," said Ian Parker, managing director at Privilege Insurance.
"By not shopping around, consumers are potentially missing out on making significant savings while maintaining the same level of cover."
Privilege Insurance guarantees to beat renewal quotes for customers with four claim-free years.
The insurance provider offers a similar offer for car insurance policyholders with four years of no claims.
Shop around for renewals, home insurance policyholders urged
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Shop around for renewals, home insurance policyholders urged
Thu, 13 Oct 2005
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