Insurance costing big for lazy homeowners

INSURANCE COSTING BIG FOR LAZY HOMEOWNERS

Article date: 13/09/2005 : 16:42:56

Homeowners could be wasting millions of pounds each year because of apathy and confusion over their home insurance, according to the Post Office.

According to the research mortgage lenders are making the most of ill informed consumers by providing 39 per cent of homeowners with contents insurance that may not offer the most competitive rates.

The Post Office research also revealed that 82 per cent of homeowners will stick with the same policy year on year, neglecting to shop around.

A similar story was found for renters, of whom only nine per cent change their home insurance provider annually.

Claire Oldstein, head of insurance at the Post Office, commented: "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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