Quality over price

Consumers are being urged to take into account cover provided in home insurance policies rather than make decisions based only on price.

Consumers who purchase their home insurance cover based on price alone, are in danger of purchasing a product that does not provide the cover they really need warns a general insurance expert at Defaqto.

Mike Powell, Consultant - general insurance at Defaqto, says: "Although in these financially difficult times, the cost of insurance cover is an important factor, the cover provided must be at the forefront of the consumers mind. Finding out that your insurance policy doesn't cover you when you need to claim, could mean that the decision to save a few pounds was the most expensive mistake you could make."

Powell suggests consumers use independent comparison tools to check out the cover provided such as Defaqto Compare, which is now available for home insurance on the Halifax website.

Powell adds: "Defaqto Compare helps the consumer by providing the ability to compare products based on some of the cover benefits provided within a home insurance policy. This means that consumers can have the best of both worlds, and can make their choice based on cover and price."

Lindsay Forster, Head of Products and Marketing at Halifax Home Insurance said: "We want to encourage people to choose the right policy for them and help them realise that with home insurance, one size does not necessarily fit all, and you often get what you pay for. It is essential for people to understand that buying on price alone can be a dangerous strategy, as they may find when they come to make a claim that they are not fully covered for all the necessary risks."

Forster adds: "Many people now rely on aggregator sites to search for a policy based on price alone. While price is undoubtedly an important factor for many, other factors such as level of cover and service are also important considerations which are often overlooked. We believe Halifax Home Insurance offers value for money, a great product and excellent service too."