Insurance Article | Brits Too Lazy To Save On Home InsuranceMore Than Articles

Brits Too Lazy To Save On Home Insurance

Although having a 'can't be bothered' might mean that homeowners have one less concern to worry about when renewing their insurance policy, such action could leave them with even more financial pressures.

In research undertaken by Tescocompare it was revealed that just under two-thirds (64 per cent) of Consumers reached the decision to stay with their current home and contents cover supplier when they last had to renew their premium. Such a high number comes in spite of almost 44 per cent of Britons facing a rise in the cost of their home insurance policy. On top of that, it was shown around four million of such consumers have seen their premiums rise faster than the rate of inflation. Meanwhile, the price comparison website pointed out that with the average home insurance policy worth some 283 pounds, had those nearing their insurance policy renewal decided to switch for a more competitively-priced plan then they would have collectively saved some 26 million pounds.

The Tescocompare research also showed that only just over a fifth (22 per cent) of consumers surveyed who were facing a price increase above the rate of inflation thought about changing supplier. Out of these people, just eight per cent found that they were unable to get get the same level of cover at a cheaper price.

Following on from paying out higher amounts of money than is necessary for a home insurance policy, it could be possible that people discover that they are developing difficulties in managing other constraints on their expenditure. Such areas could well include credit and store cards, loans, mortgage repayments and domestic bills.

In addition, it could be possible that a large number of consumers are willing to place themselves under other financial pressures. Of those that decided to stay with their provider, 48 per cent feel that they had plenty of time to change supplier well in advance of of being hit with a price fortify although they finally ended up staying put.

Paul Baxter, spokesperson for Tescocompare, said "The message behind this research is clear - many millions sleepwalk through their insurance renewal allowing their insurer to increase premiums unchallenged. Regardless of how loyal you are to your current home and contents insurer - you should shop around at each renewal to make sure you get the cheapest and most appropriate insurance for you."

For those people seeking to carry out repairs to their property or purchase major domestic items - refrigerators, sofas and ovens for example - taking out a cheap loan might be a recommended path to take. The additional financial assistance that a cheap loan brings may also help borrowers to take out a comprehensive home insurance policy which is additionally competitively priced to make sure that such items are covered.

A loan may also be of help for consumers wishing to insure their pets. In a new piece of research Sainsbury's Finance indicated that 11 million People do not have cover for their cat or dog, with around 4.6 million of such consumers believing such a premium is unimportant. Meanwhile, should people not have insurance for their animal they might have to dig into their savings should their four-legged friend fall ill, with the average bill for vet treatment indicated to cost about 300 pounds

About the Author

Mark Dawson writes for the the Loan Arrangers where you can compare UK loans and apply online for the cheapest secured loans, and adverse credit loans.

Author Profile: Mark_Dawson

Other Insurance Articles