Is It Time To Switch Home Insurance To Save Money?

By Julian Stone
As we look forward to the new year, many are worried about their personal finances and yet fail to switch any of the most common financial products to save money, including home insurance, car insurance, energy provider, credit card or mortgage lender. Is it time to switch?

According to Gocompare.com, whilst 65% of consumers are concerned about their financial position for 2012, over 12 million of them haven’t switched any of the 20 most common financial products in the last year.
Switching energy provider for example may save money and it is likely to be easier than you might initially think. In fact, customers who switch their gas and electricity provider with Gocompare.com could save up to £557.33¹.
Just 26% of consumers have switched their home insurance provider in the last year which means around 19 million² households could also be paying too much to protect their home and belongings.
Gocompare.com customers save, on average, £125.33 by switching their buildings and contents insurance after comparing policies from over 80 different insurers and brokers.
John Miles, business development director at Gocompare.com, said: “Nearly two thirds of Brits are expecting 2012 to be a very difficult year for their finances, but our research shows that millions of consumers could be missing out on hundreds of pounds worth of savings by not reviewing their finances and switching to better deals on some of the most common financial products. Insurers, banks, energy providers and lenders do not customarily reward loyal customers with the best premiums, interest rates or tariffs, so it’s up to the consumer to spend a little time seeking out the best deals.
“If one of your New Year’s resolutions was to sort out your finances, spending a few minutes on a comparison site could go a long way to easing your 2012 money worries.”
MoneyHighStreet.com comments: “It seems that ‘save money’ is going to be top of the agenda for many as we head into 2012. That means taking every opportunity to do just that, including assessing whether it’s time to switch provider for your financial products.
“Comparing deals on comparison sites such as Gocompare.com or moneysupermarket.com is very useful and makes the whole process of getting such as the best car insurance or home insurance a lot easier.
“That said opting for the cheapest price should not be the only criteria you use to purchase products. Make sure what you buy really does suit your needs.
“If you have for example an unusual set of contents to insure you are unlikely to best suited with buying a standard home insurance product. Perhaps you have some high value antiques or have inherited some art or jewellery from family or friends.
“If you are in doubt or need advice then it may well pay you to seek help from a professional, an insurance broker or mortgage broker for example.”
1 – Based on customers who switched energy supplier for both gas and electricity (dual fuel) using the Energylinx powered Gocompare platforms during the 1st July – 30th September 2011. 10% of customers who switched gas and electricity with Gocompare.com saved up to £557.33.
2 – According to the Office for National Statistics there are 26.1 million households in the UK. 73% of people have not switched home insurer in the last 12 months. 73% of 26.1 million is 19,053,000 and 89% of people who have not switched their energy provider equates to 23,229,000.
7 – Based on customers who switched energy supplier for both gas and electricity (dual fuel) using the Energylinx powered Gocompare platforms during the 1st July – 30th September 2011. 10% of customers who switched gas and electricity with Gocompare.com saved up to £557.33.