People in the UK could be collectively wasting £1.7 billion by not switching their insurance provider and getting the best value deal on their home insurance .
New research from Confused.com has revealed that 13 per cent of households have never switched home insurance provider and that 70 per cent have been with the same provider for over a year. Around 20 per cent said they just can’t be bothered to switch, while 30 per cent felt either to switch was too complicated, they didn’t know how to or they didn’t know you could.
Mark Gabriel, head of home insurance at Confused.com, said: “As a nation we’ve become really good at shopping around annually for motor insurance, but most of us still aren’t making the effort when it comes to insurance for our homes and their contents. The overall price may be lower than for car insurance, but there are still valid savings to be made. 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.”