Do you shop around for your home insurance each year, or are you happy to let it to renew each year without checking the cost? If so, you could be losing £132 a year, and not contributing to the £937 million being saved every year – just by shopping for insurance.
29 percent of British homeowners automatically renew their home insurance every year, choosing not to shop around for a number of different reasons.
Some people (Around 15%) believe they cannot make any savings and that the price they currently pay for their buildings and contents insurance, cannot be beaten, while 14% of people simply cannot be bothered or do not have time to shop around different providers.
Over 55s are the most loyal to their providers, staying with them for 3.6 years on average, while very nearly half of all homeowners have been with their providers for 2 years – And 1 in ten people have been with the same home insurance provider for over ten years. Northern Ireland are the most loyal area in the UK, customers there spending three and a half years on average with the same provider.
Of course, there are multiple ways to save money on your home insurance without changing provider: Paying yearly instead of monthly, for example, can save you up you up to 22%, although some providers do not actually charge any extra – check your terms and conditions before you make any decisions.
You can also save money on your home insurance by:
• Fitting a burglar alarm,
• changing locks
• installing time-switch lights
• joining a neighbourhood watch scheme
• installing security lighting
Doing the above can save you around 15% on your premiums as well, but don’t forget that any changes you make, you need to declare to your provider.
