Brits could be collectively wasting £1.7 billion by not getting the best home insurance deal – taking time to switch insurance provider could save money.
According to new research from Confused.com, some 13% of households have never switched home insurance provider.
Whilst 20% just can’t be bothered to switch, around 30% felt either to switch was too complicated, they didn’t know how to or they didn’t know you could.
You very much can switch home insurance provider – we are very good at shopping around for car insurance for example, the same applies to home.
It’s not just about making sure you get the cheapest deal either, it’s vital to get the best priced policy that meets your needs. Make sure you check the value of your valuables, whether it be jewellery, art or other collectables. The level of cover available for such items will differ across different policies.
Mark Gabriel, head of home insurance at Confused.com, comments: “Shopping around can not only ensure the best value for money deal, but can also prompt householders to ensure they have the right level of cover.
Have expensive new technology or jewellery items received as Christmas or birthday gifts been added to the policy for example? Undervaluing the contents of your home could end up costing hundreds of pounds in the event the property was burgled or badly damaged by flooding or fire.”
And as he adds “loyalty doesn’t pay and you may be able to find better cover at a lower price.”
MoneyHighStreet.com comment: Be careful to not just focus on the value of new jewelley etc as you assess the level if insurance cover you need. Remember as gold and silver continues to rise in price so too does the value of your jewellery collection. The average value of gold across homes in Britain is thought to be more than £1,100.
If your valuables are underinsured the danger is you will be unable to replace them should they be misplaced or stolen.