Home insurance apathy leaves Brits short changed

Britons are losing out financially as a result of their failure to review their home insurance policies, it has been revealed.

Research conducted by Confused.com suggests that the majority (56 per cent) of homeowners have not bothered to check their home insurance policies in the last three years - and as a result have overspent to the tune of £1.4 billion.

According to the survey, many Britons are lulled into opting for their bank's own insurance product under the mistaken belief that it will help their chances of having a mortgage application approved.

However, Darren Black, head of home insurance at Confused.com, believes homeowners would be better off shopping around to find the best available deal.

"Although it is surprising that £1.4billion is wasted every year through customers failing to shop around for home insurance, consumers can still claw back much of this lost money by adopting savvier attitudes towards their finances, especially during the credit crunch when people are increasingly feeling the financial squeeze," he commented.

It is estimated by Confused.com that a person can save £186 every year by shopping around on their website for a home insurance policy.

07/10/2008 17:29:31