UK residents are 'lazy' towards home insurance

9th December, 2005

Millions of Brits are too apathetic to look for cheaper cover and end up overspending on their home insurance as a result, a new report claims.

Research from Mintel found that 21 million people – or two out of three policy holders – do not look elsewhere for cheaper quotes when renewing their home and contents insurance.

A senior finance analyst at Mintel believes that many people are content with their current insurance provider simply because they have not looked around for any alternatives.

Paul Davies explained: 'The reality is that unless they have made a claim they cannot really assess just how good their provider or policy really is.

'On top of this many people do not realise that although they may get a good deal for the first year of their cover they will almost certainly pay more for the second year as their premium rate increases.'

He added that consumers should be continually looking to switch their provider, so as to ensure they always have the best deal available.

 

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