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Not swapping home insurance costs Brits £1.7bn

Wednesday, 23 February 2011 12:33 PM

New research has revealed that many of Britain's property owners have never thought about switching home insurance provider.

The survey, conducted by comparison site Confused.com, also found that 70 per cent of homeowners had been with the same company for more than a year.

According to the website, policyholders could be saving an average of £96.93 annually by switching to a new insurer, suggesting that Brits collectively waste £1.7 billion a year by not finding the best deal.

It seems that laziness and lack of understanding are the most common reasons for insurance customers not making the jump. The research found that 39 per cent of us are happy with our current deal and do not see the point in switching, while 20 per cent of consumers simply cannot be bothered to shop around.

Mark Gabriel, head of home insurance at Confused.com, commented: "Shopping around can not only ensure the best value-for-money deal, but can also prompt householders to ensure they have the right level of cover.

"Have expensive new technology or jewellery items received as Christmas or birthday gifts been added to the policy for example? Undervaluing the contents of your home could end up costing hundreds of pounds in the event the property was burgled or badly damaged by flooding or fire.

"It's worth totting up the total of your valuables, including items kept in the garden, shed and garage before you start the quote process," he added.

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