Recent research carried out by YourMoney claims that homeowners in the UK are overpaying on their home and contents insurance by £500million collectively every year.
YourMoney claim that too many UK homeowners renew their buildings and contents insurance without reviewing their needs and not shopping around, resulting in customers paying an average of £180 per year for cover they do not need.
Separate research by Mintel suggests that as many as 70% of us are content with getting one quote when arranging home and contents insurance, rather than shopping around for a better deal.
Personal experience has proven that loyalty is not rewarded by most insurance companies, despite several years with the Prudential my premiums rose annually to a point where I simply had to shop around for a better deal. I should have been more pro-active and have learnt to be more so since, after finding equal cover elsewhere and making a huge saving.
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