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Householders overpaying on home insurance by £1.3 billion

Monday, 30 March 2009 11:58 AM

Confused.com has today found homeowners are making savings on their car insurance but not their home insurance, overpaying by £1.3 billion every year.

Confused.com found, in 2008, just seven per cent of motor customers, who were also homeowners, checked to see if they could find a better deal online for their home insurance; leaving 93 per cent who did not compare home insurance online.

Darren Black, head of home insurance at Confused.com, said: "Almost 44 per cent of UK homeowners have not reviewed their home insurance policies in the last five years, yet 65 per cent of motorists say they have used comparison sites to ensure they get the right deal for their car insurance.

"It is unlikely Britons care more about their cars than their homes - but they could be a little too trusting that the home insurance policy they took out several years ago is still the right policy at the right price."

The average saving on home insurance for Confused.com customers was £185 in 2008. Confused.com also warns homeowners who are not checking their home insurance policies on a regular basis could also find their policies are no longer suitable for their circumstances.

This could cost them if they realise too late; specifically when they come to make a claim.

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