6 Apr

UK property owners 'may be paying too much for insurance'

UK property owners 'may be paying too much for insurance'

Property owners in the UK may be paying over the odds for their insurance policies, it has been claimed.

According to moneysupermarket.com, those who opt to make monthly payments to secure cover are often charged for the privilege.

It suggested that some firms put an additional 22 per cent on to the annual price of policies if people choose to pay on a monthly basis.

However, by shopping around, those who wish to avoid the upfront cost of getting insurance by spreading the payments across the year can still get good deals, it noted.

"It is crucial to make sure you're aware of any additional cost and ensure that you scour the whole market to find the most reasonably priced deal," advised Julie Owens, head of home insurance at moneysupermarket.com.

Seeking the best price can save homeowners as much as £131 on a yearly policy, she added.

Last month, Ms Owens suggested that by failing to search the market people are watching their hard earned money "go down the drain".

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