Home Insurance – The Debate
Each and every year in the UK we needlessly throw vast amounts of money quite literally down the drain. It is estimated currently that we Brits waste £600 million each and every year on insurance products we could have gotten much cheaper. Does this come down to laziness or lack of trying, you ask?
I must admit to opting for the first quote I have come across on more than one occasion, so on my part I can say that it definitely can come down to laziness. In the case of home insurance it seems that it may be an altogether different scenario. Many people are mislead at the time of purchasing a mortgage into thinking that it is mandatory to purchase their policy through the mortgage provider. This is simply not the case, although they are quite within their rights to insist you have buildings contents cover in place before they release funds into your bank account.
In a survey carried out by the Post Office it was revealed that 1 in 25 people believe it is mandatory to purchase home insurance from their mortgage provider. Of those surveyed 2 out of 3 people; a staggering 66%, said it was simply easier to take insurance out with their mortgage provider. Your mortgage provider can insist that you have buildings cover in place but don’t usually insist on contents cover, you could find you take out a policy with them for this one aspect when you could have found a combined policy much cheaper by looking elsewhere. It is common practice for providers to charge a fee of around £25 to change your house insurance over to a different company should you find a better deal.
Shopping around could save you on average up to £170 on your building and contents cover. This is certainly the case with all types of insurance, for instance allowing your tour operator to package your policy could hugely inflate the price. This can also be seen with car insurance whereby many simply pay whatever renewal fee their current insurers ask for. Shopping around can literally save you hundreds and I cannot recommend it enough.
It is important to be aware of the fact that buying home insurance from your mortgage provider is not mandatory.
You can find a competitive deal on house insurance if you are prepared to shop around.
Tags: home insurance, house insurance
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