Consumers could save money on home insurance

A number of studies carried out in relation to consumer trends with buildings and contents insurance have shown that a large percentage of consumers could save a small fortune on the cost of their insurance premiums by taking a few simple steps. A recent survey was carried out by Tesco, and the results indicated that many consumers could be paying up to twenty five percent too much on their premiums for buildings and contents cover.

In many cases consumers are failing to shop around for good deals on home insurance cover simply because they think that they have to take the insurance cover that is offered by their mortgage provider, which is not always the case. The head of insurance at Tesco stated: “Many consumers are apathetic about their home insurance or believe it is an integral part of their mortgage. Others suspect the saving made by shopping around won’t be worth the effort but that isn’t true.”

As part of a survey, around 125 consumers were asked to shop around when it came to renewing their home insurance, and out of these a quarter discovered that they were paying around seventy five pounds more than they needed to on the cost of their premiums. The other seventy five percent from the survey also discovered that they could make some form of saving on their cover simply by shopping around.

In addition to shopping around, Moneysupermarket.com has advised consumers to ensure that their home is made secure through the fitting of security locks, burglar alarms, and other security devices, as this could also help to slash the cost of insurance premiums through reduced risk. Consumers may also find that purchasing a combination package of buildings and contents cover could save them money on the overall cost of their home insurance.

Tags: buildings, cover, contents, alarms, home, security, Insurance, cost