Tesco: Home insurance customers pay for their loyalty

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Tesco: Home insurance customers pay for their loyalty

Tue 10th Jun 2008

Tesco has found that by not switching home insurance, Britons lost out on £26 million last year.

Its research showed that 64 per cent of people stayed with their existing home and contents insurance provider at their last renewal, despite the fact that almost half of them saw a price increase and four million saw their premiums go up in excess of inflation.

Of those that saw an increase in excess of inflation, only five per cent had increased their level of cover and 16 per cent had made a claim in the last year.

Paul Baxter, a spokesperson for Tesco, commented: "Regardless of how loyal you are to your current home and contents insurer, you should shop around at each renewal to make sure you get the cheapest and most appropriate insurance for you."

In related news, Halifax Insurance announced yesterday that it is offering all customers who purchase its buildings and contents cover from today a £50 "thank you", both now and every year at renewal, provided they remain claim free.

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