Brits urged to shop around for home insurance

Tue 10 Jun 2008 - Published in Home Insurance

Not switching home insurance cost Brits Ł26 million last year, according to research by Tescocompare.

A survey by the company has shown that almost two-thirds of people in the UK stayed with their existing home and contents insurance provider when they last renewed their cover.

This is despite the fact that four million homeowners paid increases in excess of inflation.

Of those people who saw an increase in excess of inflation, 16 per cent had made a claim on their policy during the last year and five per cent increased the level of their cover.

This suggests that over three million people simply took the price increase for granted, Tescocompare claims.

Company spokesman Paul Baxter said: "The message behind this research is clear – many millions sleepwalk through their insurance renewal allowing their insurer to increase premiums unchallenged."

Meanwhile, Endsleigh has urged homeowners planning large-scale DIY projects to inform their insurer so they can check their policy covers the work being done.

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