British households are wasting approximately £687 million every year by failing to shop around for the best deals when it comes to home insurance, new research has revealed.
According to price comparison website MoneySupermarket.com, the average family is spending an extra £125 annually by sticking with their current provider and automatically renewing their existing policy.
Of these customers, seven per cent believe they will not be able to find a cheaper offer elsewhere, while a further eight per cent are facing higher costs because they cannot be bothered to shop around.
In addition, 13 per cent stick with the same insurance company because they are happy with the protection they are receiving.
Researchers found Welsh and Scottish residents to be the most apathetic, with 33 per cent automatically renewing deals with their current provider in these nations.
Hannah Mercedes-Skenfield, insurance spokesperson at MoneySupermarket.com, said: “Shopping around for the best deal is quick and easy, but by not doing so, consumers effectively watch their hard-earned cash go down the drain.”