Barclays Insurance: Billions gets wasted on home insurance

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Barclays Insurance: Billions gets wasted on home insurance

British households waste an average of £144.5 million per month as a result of not shopping around for their home insurance cover, according to new research by Barclays Insurance.

The insurance provider has said that while people are inclined to swap their energy supplier or credit card if they feel they could be getting a better deal elsewhere, the same is not rue of home insurance.

According to the research, on average each household could be making a saving of £112.95 and the majority of people do not consider taking out a different policy until their current one has run out.

Ian Crowder, a spokesperson for AA Insurance Services, has commented on the findings, he said: "Barclays finding is a very simplistic view of the market. Yes it is highly likely that if people shop around they will get a cheaper premium, but if they are doing that they need to make sure that they are covered for what they expect to be covered for."

Barclays offer home, travel, car and life insurance products as well as a range of other financial services.

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