According to Tesco Finance the cost of not changing home insurance companies last year totalled GBP26 million.
The study found that almost two thirds of people remained with their existing insurance providers when it came to renewal time, even though almost half of them saw the cost increase over the previous year. For around 4 million of them the increase was more than the level of inflation, said a Tesco Finance spokesman, even though only a small number of these had increased their cover or made a claim.
The advice that comes out loud and clear from Tesco is that everyone should at least get a couple of alternative quotes at renewal time to make sure they are getting the best home insurance deal available.
Tenants are being asked by Direct Line home insurance to make sure they have contents insurance in place and also to speak to landlords regarding home security.
It makes sense for landlords to protect their property with security measures said a Direct Line spokesman, especially since it can help reduce insurance premiums. It is also prudent for tenants to have contents insurance cover to protect their own belongings.
Many tenants are surprised when they find out how little Direct Line home insurance costs and feel much happier knowing their goods are covered. With the added security provided by the landlords actions too that figure can go even lower.
Halifax home insurance customers will be happy today as they find out that they will receive GBP50 as a thank you for their loyalty to the company.
Each year that customers stay with the Halifax and have a claim free year they will receive GBP50, the award to be ongoing. The decision was made to introduce the payment after feedback from customers showed that they would like to their loyalty recognised. In addition to the payment customers will also be pleased to see that they can save up to GBP125 just by switching their buildings and contents insurance to the Halifax.
The head of marketing felt that this loyalty payment was perceived much more positively than the usual incentives and promotions offered by some other insurers.