Confused.com has revealed that UK households are wasting on average £1.7 billion* a year because they “can’t be bothered”** to switch home insurance providers.

According to the latest Confused.com research, which surveyed homeowner’s attitudes to switching insurance providers, 73 per cent stated that they have home insurance, but a surprising 34 per cent said they had never switched home insurance provider.

In fact, 70 per cent said they had been with the same provider for two years or more, potentially missing out on an average saving of £95.26*** per year just by switching home insurance providers. Collectively, UK households could be wasting£1.7 billion by not shopping around to get the best deal.

32 per cent of those surveyed say they haven’t switched providers because they can’t be bothered while 29 per cent say their current deal is so good there is no point switching.

22 per cent of homeowners are under the illusion that switching home insurance is too complicated. However, with 66 per cent of people saying they would be willing to switch home insurance if they could save money, it’s not really affordability that should be questioned but inertia and people’s attitudes towards switching.

Gareth Kloet, Head of Home Insurance at Confused.com, said: “We are a money saving nation, however most of us still aren’t making the effort when it comes to getting insurance for our homes. At Confused.com home insurance customers could save money on their insurance premium.

“Shopping around can not only ensure the best value for money, but can also prompt homeowners to ensure they have the right level of cover. Levels of cover can vary between providers so check everything you want is covered and then select a policy that meets your needs. It’s worth doing this on an annual basis or after a big purchase to make sure you’ve got the right cover at the right price – loyalty doesn’t pay and you may be able to find better cover at a lower price.”

Via EPR Network
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