British households throw away £144.5 million
Posted: 28 Jul 2006 10:00:31 GMT
Households in Britain are overpaying on their home insurance by an average of £1.7 billion each year.
New research from Barclays shows that this works out at £112.95 per household that is wasted due to not shopping around for cheaper house cover.
Premiums on house insurance can vary from just over £100 to around £300 however once someone takes up a policy they tend to simply renew with the same policy.
Mark Till, marketing director for Barclays insurance department, stated: "It is amazing to see that people are unaware how easily they can switch their home insurance to a better deal.
"We actively encourage people to shop around to find the best deal to ensure they get the best value home insurance."
Some insurance providers may impose an exit fee that was in the policy information when it was signed, but few consumers actually read.
However this doesn't mean people cannot shop around and find that savings could actually outweigh any possible cancellation fee.