23 Mar

Property owners urged to shop around for insurance

Property owners urged to shop around for insurance

People should shop around when it comes time to renew their home insurance, it has been suggested.

According to figures released by moneysupermarket.com, property owners are losing an average of £131 a year by automatically renewing with the same provider.

The organisation noted that policies can cost from as little as £124 per year, but many people are spending considerably more than they need to.

Head of home insurance at the price comparison website Julie Owens said: "By not shopping around for home insurance Brits are effectively watching their hard earned cash go down the drain."

She also advised that, while home cover is not a legal requirement, it is an important product to have.

Recently, Steve Foulsham, technical services manager for the British Insurance Brokers' Association, pointed out that icy weather during the winter months caused a rise in the number of insurance claims made by homeowners, with burst water pipes often to blame.

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