14% of homeowners with buildings or contents insurance admit they have never switched providers, according to new research from Go.Compare.
The research, which surveyed over 2000 people, also found that of those who have home insurance, a further 11% have not switched for more than five years, but it also revealed that there are some savvy switchers out there, with 33% saying that they have switched in the last year.
When asked why they hadn’t switched, nearly a third (27%) said that their insurer was the cheapest last year so they believed they would be good value again this year, and 20% said that they wanted to be loyal to their current provider.
And when it came to shopping around for a policy, 23% said they went for the cheapest home insurance product, but 45% say they like to look more closely at their cover levels, so they know what they are buying.
Ceri McMillan home insurance spokesperson for Go.Compare, said: “Home insurance has traditionally been a product that people are less inclined to switch – which is understandable given that it’s there to protect your home and all the belongings within it.
“But it is absolutely worth spending some time when your renewal comes through comparing prices and the levels of cover available.
“It means that you could get a better deal, and potentially a better insurance policy that does what you need it to do. What worked for your circumstances last year, may not work now.
“Also, we understand that due to the current economic situation, cost is a major factor for many, in fact a quarter of those we surveyed who have buildings or contents insurance are buying on price alone, yet it is still important to make sure that you are properly insured for the possible cost of both rebuilding your home and the loss of its contents, or you could lose out in the long run should the worst should happen.”
McMillan added: “The whole point of an insurance policy is that it is there at a time of crisis.
“It is there when you need it the most to help you fix your home, and with the average contents insurance policy costing around £59, getting the right home insurance policy is one of the best financial investments you could make and takes just minutes to organise using a comparison website.”
