In no way does the title of this article mean you should not take out home insurance on your property. The correct home insurance policy can provide excellent protection for your home and the possessions within.
The purpose of this article is to highlight how much money UK homeowners waste on uncompetitive house insurance policies and how you can avoid falling into the same trap.
A recent survey by the Post Office discovered that nearly half of homebuyers bought their home insurance from their mortgage lender. More over the survey found 10% of home buyers thought this was compulsory.
This lack of understanding has resulted in thousands of people taking out expensive, uncompetitive home insurance policies. Around two thirds of people questioned believed buying home insurance from their mortgage lender was more convenient. While it may be convenient it does not offer the value for money you are entitled to expect from today’s market.
Rather than take the supposedly easy option of buying home insurance from your mortgage lender you should look to shop around for your buildings and contents insurance. Today you can compare hundreds of
home insurance quotes online in a matter of minutes. There are many UK providers offering policies and comparing quotes from multiple lenders can help you find a more competitive deal and increase your chances of making a saving.
As well as finding cheaper home insurance searching a wider range of insurance companies allows you to find a policy that offers the correct level of protection that you require. Buying insurance directly from your mortgage provider increases the possibility that the policy may not provide the protection that your individual circumstances require. Should you have to make a claim on your insurance the consequences of taking out inadequate cover could be costly.
So if you are currently in the process of buying a home and your mortgage lender offers you home insurance bear in mind you are under no obligation to take a policy with them. By taking a little time to compare the market you stand a much greater chance of getting the right
home insurance deal and a much better price.