Brits urged to "home in" on insurance savings

Households are wasting £131 a year by sticking with their existing home insurance provider instead of shopping around, according to moneysupermarket.com.

Analysis from Britain's number one comparison site found home owners are missing out on massive savings by staying loyal and not comparing home insurance policies. Further research reveals only 16 per cent (or 7.9 million) of people took out a new home insurance policy during 2009, meaning collectively Brits are really losing out on potential savings by renewing year after year with their insurance provider. Home insurance doesn't have to be expensive, with combined buildings and contents cover available from as little as £124 a year with Churchill.

Julie Owens, head of home insurance at moneysupermarket.com said: "By not shopping around for home insurance Brits are effectively watching their hard earned cash go down the drain. While home contents insurance is not a legal requirement, I would urge every household to have combined buildings and contents insurance in place.

"Comprehensive policies will cover your home against problems such as subsidence, burst pipes, personal liability and even boiler breakdown in some cases, all of which could land you with a bill into the thousands of pounds. This is in addition to more common incidents such as theft, burglary or loss of possessions away from the home. Without insurance to protect you, you could end up having to foot a very expensive bill. I would always recommend checking the small print of your policy to find out what you are covered for as being underinsured is also a dangerous position to find yourself in - if in doubt, speak to your insurer to find out whether you need to increase your cover."