Finance Choices
Home insurance laziness costing millions
Not bothering to spend 15 minutes shopping around for home insurance is costing UK homeowners millions of pounds a year.
A new report from the Post Office finds that two property owners in five still use their mortgage provider for their buildings/contents insurance - rather than look for a better deal.
Additionally, once with a home insurance provider, four out of five people stay with them year after year.
And this insurance apathy is affecting renters as well as owners, with just one person in eleven checking to see if their rate is still the cheapest when it comes time to renew their policy each year.
But the Post Office points out it takes just a quarter of an hour to shop around, and there are savings of up to 40 per cent to be made.
"Changes to the law six years ago prevented lenders from forcing homeowners to buy their home insurance through them. However, nearly half of consumers still seem to be doing so. Mortgage providers don?t always offer the best value for money when it comes to home insurance, so it really is wise to explore other options," said Claire Oldstein, head of Home Insurance at the Post Office.
"Whether you are a homeowner or renting, the best advice is to shop around every year. Fifteen minutes spent checking out the offers of a couple of other providers could be time well spent when it comes to the savings you can make."
Click here to check out some of the best home insurance deals on the net.
A new report from the Post Office finds that two property owners in five still use their mortgage provider for their buildings/contents insurance - rather than look for a better deal.
Additionally, once with a home insurance provider, four out of five people stay with them year after year.
And this insurance apathy is affecting renters as well as owners, with just one person in eleven checking to see if their rate is still the cheapest when it comes time to renew their policy each year.
But the Post Office points out it takes just a quarter of an hour to shop around, and there are savings of up to 40 per cent to be made.
"Changes to the law six years ago prevented lenders from forcing homeowners to buy their home insurance through them. However, nearly half of consumers still seem to be doing so. Mortgage providers don?t always offer the best value for money when it comes to home insurance, so it really is wise to explore other options," said Claire Oldstein, head of Home Insurance at the Post Office.
"Whether you are a homeowner or renting, the best advice is to shop around every year. Fifteen minutes spent checking out the offers of a couple of other providers could be time well spent when it comes to the savings you can make."
Click here to check out some of the best home insurance deals on the net.
posted by Bruce Wayne at 11:55 AM
Home insurance laziness costing millions
1 Comments:
The same could very easily be said for other financial products such as mortgages, credit cards and savings accounts. If you spend a bit of time shopping around you can save a fortune but a combination of lack of knowledge and lack of effort mean most people stick with what they have. Better the devil you know and all that.
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