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UK mortgages holders should be less "apathetic"

Date: Tue, 13 Sep 2005

It has been estimated that apathy over home insurance is costing home owners across the UK around £12.7 million a year.

Research by Post Office Home Insurance shows that 82 per cent of householders across the UK remain with the same home insurance provider year after year, even though they could often save money by switching to a cheaper provider.

The survey also showed that nearly four in ten homeowners also purchased their buildings and/or contents insurance through their mortgage provider.

Claire Oldstein, head of home insurance at Post Office, said: "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."

Less than one in ten people change their home insurance provider annually, with 40 per cent never changing and a further 28 per cent very rarely doing so.

Ms Oldstein added: "Whether you are a homeowner or renting, the best advice is to shop around every year.

"Fifteen minutes spent checking out the offers of a couple of other providers could be time well spent when it comes to the savings you can make."

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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.