Brits overpaying on home insurance

Posted: 30 Mar 2009 12:40:58 GMT

A number of UK households are paying too much home insurance, new research has suggested.

According to a study conducted by Confused.com, homeowners are overpaying on their insurance to the tune of £1.3 billion every year.

The research revealed that only seven per cent of motorists who are also property owners looked for a better insurance deal in 2008, despite the average saving being £185.

Moreover, in the last five years, less than 45 per cent of homeowners have shopped around to try and find cheaper insurance for their property.

Darren Black, head of home insurance at Confused.com, stressed that Britons should not be complacent about the policy they have for their homes, which is particularly pertinent advice during the economic downturn.

He explained: "It is unlikely Britons care more about their cars than their homes - but they could be a little too trusting that the home insurance policy they took out several years ago is still the right policy at the right price."

Mr Black went on to say that it is often very beneficial to that consumers could find that they will reap the benefits if they check their insurance regularly.

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