Latest News Stories

Shop around or lose out on home insurance 

13/10/05

Homeowners who find it too much hassle to shop around for the best deals on home insurance are putting themselves out of pocket, a leading insurer claims.
 
Research from Privilege Insurance found that four in ten property owners simply renew their policy with the same insurance provider without checking it still fulfils their requirements or looking for a better deal elsewhere.
 
Over half of homeowners surveyed said they researched different insurers before taking out a new policy while 14 per cent arranged their home and contents insurance through their current mortgage provider.
However, only 26 per cent of those with 'mortgage-linked' policies were likely to spend time shopping around for the best deal, compared to 58 per cent of policyholders who bought their cover directly from insurers.
 
Many insurance bargain-hunters visit a variety of online quote pages and comparison services to find out the most competitive deal, and to assess the pros and cons of the different insurance providers.
 
Ian Parker, managing director of Privilege Insurance, said that a little time spent comparing prices could save policyholders hundreds of pounds on the price they pay for their home insurance.
 
"Clearly there is still some inertia in the home insurance market, but double-checking the competitiveness of your renewal quote need only take a few minutes and, by not shopping around, consumers are potentially missing out on making significant savings while maintaining the same level of cover," he said.
Earlier this week, the Environment Agency urged those living in high risk flood areas to ensure that they have adequate cover to protect themselves and their property in vicious winter weather.