Brits lose £144.5m a month keeping home insurance

Insurance provider Barclays has released a report claiming that the people of Britain collectively waste £144.5 million a month by not switching their home insurance.

This totals an average of £1.7 billion a year, equivalent to £112.95 per household, and is largely down to the reluctance that customers have to switch their existing policy.

Every month that individuals in the UK remain on an uncompetitive insurance package, they can lose up to £9.41, which could quickly escalate and create a considerable cost.

“It is amazing to see that people are unaware how easily they can switch their home insurance to a better deal,” said Mark Till, marketing director at Barclays Insurance.

“We actively encourage people to shop around to find the best deal to ensure they get the best value home insurance.”

In contrast to the energy and credit card markets, Barclays points out, home insurance customers are not eager to switch the deal they are on, with 85 per cent not bothering to switch when their annual renewal date arrives.

The home insurance market can be quite varied in terms of cost, with premiums ranging from £195.73 to £306.68.