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.
Having surveyed homeowners across the country Halifax Home Insurance has found that around 1.7 million households have an unfinished renovation project that they have been working around for 2 years or more.
Of the people surveyed by the Halifax almost half of them said they just did not have the time to finish the job off, while nearly 30 percent said they could not afford to complete the work. It appears that the most common room that remains unfinished is the bedroom, perhaps because it is not a room everyone sees.
A Halifax Home Insurance spokesman, looking at the information, felt that effective budgeting at the start of the project could help more people get jobs finished. Taking a realistic view of costs rather than being overly optimistic is perhaps the biggest change to make.
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