According to moneysupermarket.com at an average of £132 per household is wasted by sticking with existing home insurance providers.
Its research shows that more than a quarter of homeowners (29%) automatically renew their home insurance with their existing provider rather than shopping around to find a better deal. Of those loyal customers 15% don't think they can find a better deal, and a further 14% are missing out on savings as they can't be bothered to shop around.
On average, Brits stay with their provider for three years, with the over 55s staying most loyal - sticking with their provider for an average 3.6 years. Almost half of homeowners (48%) have been with the same provider for over two years, and a tenth have been with the same provider - sacrificing potential savings - for ten years or more. Northern Ireland and the West Midlands take the top spots for the most loyal regions (sticking with the same provider for 3.49 and 3.33 years respectively).
Julie Owens, head of home insurance at moneysupermarket.com, said: "Having the choice to automatically renew your home insurance is an appealing - but ask yourself, is it worth paying such a hefty price for the convenience? Shopping around for the best deal is quick and easy; by not doing so Brits are effectively watching their hard earned cash go down the drain.
"While home contents insurance is not a legal requirement, I would urge every household to have combined buildings and contents insurance in place. Comprehensive policies will cover your home against problems such as subsidence, burst pipes, personal liability and even boiler breakdown in some cases, all of which could land you with a bill for thousands of pounds. This is in addition to more common incidents such as theft, burglary or loss of possessions away from the home. Without having cover in place you could end up having to foot a very expensive bill."
