Homeowners 'not shopping around for insurance products'
Published On 13 November 2007
Homeowners could be missing out on great deals because they are not bothering to shop around for their home and contents insurance policies, a new report has warned.Sainsbury's Home Insurance found that 26 per cent of homeowners failed to obtain any additional quotes last time they renewed their home insurance policy.
A further 16 per cent only got one extra quote. Only 22 per cent of consumers contacted three or more insurers for a quote when renewing their cover.
"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," commented Steve Johnson, head of home insurance at Sainsbury's Bank.
"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."
Recently, Legal & General found that significantly more people insure their possessions than their life.
