Automatic Renewal of Home Insurance Is Pricey

The latest report by Moneysupermarket suggests that Brits waste millions of pounds by letting their home insurance renew automatically every year.

As such, the company’s estimates suggest that last year over 665 millions of pounds were wasted simply because many holders of home insurance policies refused or did not find time to shop around.

In the opinion of experts, renewing house insurance can be very simple. All that a holder of home protection policy needs to do is access specialised comparison website and shop around.

According to Moneysupermarket, only 11% of Brits have no time or desire to compare the deals offered by UK insurance companies. The remaining 35% simply are not aware of the benefits that shopping around can give them.

Peter Harrison of Moneysupermarket says: “Having the choice to automatically renew your house insurance is an appealing option for time-poor homeowners - but ask yourself, is it worth paying such a hefty price for the convenience? Shopping around for the best deal is quick and easy, but by not doing so, consumers are effectively watching their hard earned cash go down the drain.”