Home.co.uk
Home.co.uk

News: Apathy - the great enemy for homowners

Tue, 13 Sep 05

New research from Post Office Home Insurance has found that consumer confusion and apathy could be costing the nation's homeowners millions of pounds each year, with mortgage lenders cashing in on uncertainty over home insurance.

Indeed, the data shows that 39% of homeowners purchased their buildings and/or contents insurance through their mortgage provider, despite the possibility of far better deals elsewhere.

And it's not just homeowners that lose out, it's people living in rented accommodation too, given a paltry 9% change their home insurance provider annually, with 40% never changing and a further 28% rarely doing so.

The seeming apathy comes despite changes made to the law six years ago that prevented lenders from forcing homeowners to buy their home insurance through them.

However, nearly half of consumers still seem to be doing so. Mortgage providers don't always offer the best value for money when it comes to home insurance, so it really is wise to explore other options. As Post Office Home Insurance points out, it only takes about fifteen minutes to shop around for a home insurance provider. And with significant savings to be made it's clearly worth it.

Just to ensure its name remains in the spotlight the Post Office - through its Post Office Insurance Sale- is offering £25 off home insurance policies until September 30th.

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