Not switching home insurance cost Brits £26m last year

Research published today by Tescocompare.com has revealed that almost two thirds (64%) of Brits stayed with their existing home and contents insurance provider at their last renewal. This is despite almost half (44%) seeing a price increase and a massive 4 million homeowners seeing increases in excess of inflation. Almost two thirds (64%) of Brits stayed with the same home and contents insurer at their last renewal Yet almost half (44%) saw a price increase at renewal And 4 million homeowners saw increases above inflation Average renewal premium was £283 and price hikes added at least £26m to the cost of home and contents insurance last year Tescocompare.com extends its market leading offering with a new Home Insurance service – offering the best comparison service available

Of those that saw an increase in excess of inflation – just 16% made a claim on their policy in the last year and only 5% increased the level of their cover – suggesting over 3 million homeowners simply took the price increase for granted.

Worryingly, only just over one in five (22%) admitted to thinking about moving their policy, despite seeing a price increase above inflation. Also – only one in twelve (8%) shopped around and discovered they couldn’t get the insurance cheaper anywhere else