September is the remortgaging month

Research from Abbey has revealed that the most popular month for renewing home insurance is September.

Over the month, 2.3 million people will renew their home contents insurance, while 1.8 million will renew their home buildings insurance.

It is thought that 23.8 million hours are spent renewing insurance policies in the one month alone, costing over £2 billion in renewals.

Remortgaging proved to be the most time consuming activity, with 90,000 homeowners spending around seven hours considering the best deal.

Abbey's head of mortgages, Nici Audhlam-Gardiner, emphasised the importance of looking around for the best deal, saying: "Remortgaging might be a time-consuming process, but it's worth investing the time and effort so that you don't have to invest too much of your hard earned cash when your current mortgage deal comes to an end.

"In particular, customers coming to the end of fixed rate deals in the next month will find it hard to match their previous mortgage deal as rates have gone up - meaning good deals become even more important," she added.

04/09/2007 16:35:24