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Don't undermine cheap mortgages with costly insurance

Date: Fri, 16 Sep 2005

British homeowners could save millions of pounds each year by simply shopping around for home insurance, new research has revealed.

A study by the Post Office found consumers can make savings of up to 40 per cent by spending just 15 minutes comparing different home insurance quotes.

Despite this Britons are apathetic when it comes to insurance, with two in five property owners automatically purchasing cover from their mortgage provider, instead of searching for a better deal, while four-fifths choose to keep the same policy year-after-year instead of looking for savings.

Claire Oldstein, head of home insurance at the Post Office, advised: "Changes to the law six years ago prevented lenders from forcing homeowners to buy their home insurance through them. However, nearly half of consumers still seem to be doing so.

"Mortgage providers don’t always offer the best value for money when it comes to home insurance, so it really is wise to explore other options."

Renters are also failing to find home insurance savings, with just one in eleven checking their policy offers the best value for money when it comes to renewing their cover.

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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.