Homeowners paying for insurance apathy

Homeowners are collectively wasting millions of pounds by failing to look around for cheaper insurance, according to new research by the Post Office.

The research reveals that 82 per cent of UK residents depend on the same home insurance provider year on year, while 39 per cent of homeowners rely on their mortgage provider for their contents insurance.

However, the Post Office points out that homeowners can save millions by looking for cheaper deals elsewhere, and claims its own policy will save customers and average 41 per cent on their existing home insurance policy.

Other findings show that less than one in ten people (nine per cent) change their home insurance provider annually, with 40 per cent never changing and a further 28 per cent rarely doing so.

Claire Oldstein, head of Home Insurance at Post Office, said: "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.

"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."

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