Search for competitive home insurance deal, people advised

Instead of cancelling their home insurance cover altogether, one expert has advised people seek out a more competitive offer from a new provider.

Those concerned about how much their home insurance policy is setting them back should look to switch to a more competitive deal.

Such is the advice of Equifax external affairs director Neil Munroe, who notes that instead of cancelling such cover altogether people should look around for a better deal elsewhere.

Claiming that "switching providers is always sensible to look at", those searching for new contents and buildings insurance may be interested to hear that the market is "very competitive".

However, those assessing their British insurance requirements should ensure that any new policy they take out offers the same level of protection as their old one but at a lower price, or with enhanced features.

"People must make sure when they are switching that if they go cheaper, they don't lose a benefit they might not have used, but in future cases may be quite critical," he states.

Such comments come in the wake of research from the Nottingham Building Society indicating that 22 per cent of people cancelled their home contents cover during 2009.

By Kate Guthrie