Mortgage lenders pocket millions of pounds every year due to UK mortgage holders' apathy and confusion about home insurance.
Nearly 40 per cent of homeowners rely on their mortgage provider for home insurance and home contents insurance.
And 82 per cent stay with the same home insurance provider year after year, without shopping around for possible better deals.
Despite the fact that mortgage lenders cannot, by law, force homeowners to take out home insurance with them, nearly half of customers still seem to be doing so, commented the Claire Oldstein, the head of home insurance at the Post Office.
"Mortgage providers don’t always offer the best value for money when it comes to home insurance, so it really is wise to explore other options," she said.
Ms Oldstein said both homeowners and renters should shop around for the best deal on home insurance every year.
"Fifteen minutes spent checking out the offers of a couple of other providers could be time well spent when it comes to the savings you can make," she said.
Mortgage lenders' home insurance not necessarily best
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Mortgage lenders' home insurance not necessarily best
Tue, 13 Sep 2005
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