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.
Results from a recent Sainsburys Bank survey show around 4.7 million adults in the UK are without home contents insurance cover.
The most insured area in the UK is Yorkshire and Humberside, where 96 percent of people have contents insurance. This contrasts with London, the least insured place in the country, where only 78 percent of people have cover. Sainsburys Bank urge people without home insurance to get cover as it offers peace of mind and financial cover for what can end up as a significant sum.
With regard to the reasons for not having contents insurance the main reason given was that it simply was not required. This was followed by it being too costly. A Sainsburys Bank spokesman suggested these people should firstly tot up the value of their possessions and then check online to see how inexpensive home contents insurance can be.
The Halifax is reminding all homeowners that they should ensure lightning cover is part of their home insurance especially as summer sees more claims.
According to data from Halifax home insurance customers the average claim for lightning damage costs over GBP 1,400 and such claims are 14 times more common in the summer than winter. The thing with lightning is that it can travel through things, so as well as causing actual damage to the structure of a building it can also go through wires and affect electrical equipment and so on.
A Halifax spokesman also pointed out that lightning can not be anticipated so no one knows where it will strike. For this reason checking the home insurance policy to make sure lightning cover is included is a sensible step to take.
