We are all aware that home insurance is a priority, but it seems that as a nation we are losing money yearly because we are choosing to stay fixed with one home insurance provider, rather than shopping around to see what the best deal is and how we can make the whole process cheaper.
Thirteen percent of households have never switched their insurance provider, and as a result we are paying, on average, ninety pounds more per year than we need to. Seventy percent of homeowners have been with the same insurer for over a year, and twenty percent of the public simply can't be bothered to shop around for a change to their insurance details.
We are collectively wasting nearly two billion pounds on a yearly basis because we don't make the change, and this is strange as we have become a nation of browsers for car insurance; of people hoping to save the pennies and secure ourselves the best deal.
Eleven percent of people find the whole process far too complicated, and four percent of the country didn't even realise that they could shop around when their policy came to expire.
Shopping around is important as we can not only save ourselves money, but we can ensure that our policy is still relevant to our possessions. You might find that actually you need more cover, or you have obtained something that needs a special mention on the policy to ensure that it is covered. All these issues are important in case of burglary, as there would be nothing worse than sticking with a company and finding you aren't covered when you need your policy to help you out. With insurers, loyalty doesn't do you any favours, so make sure that you are getting the best deal you can.
Wales is the worst for people never having changed their Home Insurance provider, with nineteen percent of people not having changed. Northern Ireland, in comparison only has six percent of people that have never changed, and they are far more astute at shopping around, with twenty four percent having changed their provider in the past three to five years.
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Two-thirds of homeowners don't have enough insurance on their home, says Ray Martin. If you purchased your policy more than 3 years ago, it's time to have another look. (01:47) |
