13 Nov

Homeowners 'missing out on cheaper home insurance'

Homeowners 'missing out on cheaper home insurance'

UK homeowners are missing out on cheaper home insurance deals by not shopping around, it has been claimed.

According to figures from Sainsbury's Home Insurance, 26 per cent of homeowners did not obtain any additional quotes the last time they renewed their cover.

Meanwhile, 16 per cent only bothered to get one extra quote aside from the premiums quoted by their existing provider.

In so doing, according to Steve Johnson, head of home insurance at Sainsbury's, they are passing up the chance to make significant savings.

He said: "Although it may seem tempting to just stick with your renewal quote or the first quote you get, it really is essential to shop around.

"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."

The top reason for not obtaining extra quotes was not being bothered at 12 per cent, while eight per cent said lack of time had prevented them from looking around at competitors' offers.
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