22 February 2011

Comparing Home Insurance Could Save Brits Billions

Find out how to compare home insurance so you could save yourself money every month.

Brits could save £1.7 billion on their home insurance policies by shopping around for a better deal, new research shows.

The study revealed 13 percent of households have never switched home insurance provider, while 70 percent have not compared the market in the last year.

The average saving of shopping around and switching to a better deal is £96.43 per annum per customer, which amounts to a collective £1.7 billion which could be saved by comparing the market, Confused showed.

The most common excuse for not switching was that people felt they already had such a good deal, while 20 percent admitted they could not be bothered, and 11 percent think it is too complicated.

"Undervaluing the contents of your home could end up costing hundreds of pounds in the event the property was burgled or badly damaged by flooding or fire,” said Mark Gabriel, Confused's head of home insurance.

"Shopping around can not only ensure the best value for money deal, but can also prompt householders to ensure they have the right level of cover.”

A further four percent did not know they could switch provider, 19 percent think the savings they could potentially save are not worth the effort, and nine percent do not know how to switch or compare the market.

Those in Wales were revealed to be the least likely to have ever switched provider, with 19 percent never having compared the market. This is compared to the six percent in Northern Ireland who had never switched.

A study by Direct Line meanwhile showed that while 96 percent of the nation aspires to own something better than what they currently have, 29 percent do not adjust their level of home contents insurance when they buy new valuable items.

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