You are here: Home - Insurance - News -

Overpaying on home insurance

0
Written by:
02/08/2006

British homeowners are overpaying on their home insurance by an average of £1.7 billion a year, according to figures from Barclays Insurance. This equates to a whopping £112.95 per household, made worse by the fact that most people don’t think about switching until the end of their current policy.

Premiums on household insurance can vary hugely, ranging from £195.73 to as much as £308.68. And while the switching trend has captured many Brits when it comes to energy providers and credit cards, 85% of consumers don’t even switch their home insurance at the annual renewal date.
Every month that customers stay on an uncompetitive insurance policy could cost them an average of £9.41, which quickly adds up to a considerable amount of money. Sticking with a more expensive provider for just six months for instance adds up to £56.46 in overpayments.

Mark Till, marketing director, Barclays Insurance, comments: “It is amazing to see that people are unaware how easily they can switch their home insurance to a better deal. And more importantly that it is not just an option when it is time for their annual renewal quote. We actively encourage people to shop around to find the best deal to ensure they get the best value home insurance.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Risky business

Two million Britons regularly leave an external door unlocked when they are out of the home, according to research from...

Close