Homeowners ‘missing out’ on insurance savings

A quarter of homeowners are not comparing home insurance rates, reveals new research.

Sainsbury’s Home Insurance claims that over 8.5 million people are not shopping around for different quotes when covering their property. Reasons included “could not be bothered”, not enough time and confidence in their current provider.

The research also found that 43 per cent only compare two quotes when buying cover and less than 22 per cent found three or more different prices.

“Despite the fact that home insurance premiums are reportedly on the rise, products vary dramatically and there are some cracking deals out there if people take the time to evaluate what’s on offer,” said Steve Johnson, head of home insurance at Sainsburys.

He urged homeowners to not only compare prices of insurance but also the level of cover that is offered.

Sainsburys’ recently revealed that one in five motorists do not shop around for car insurance, despite the fact that out of this group, over a third claimed their premiums had increased.

© Adfero Ltd

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