Two-thirds of adults let their home insurance automatically renew
More than two thirds (67%) of UK householders let their home cover renew automatically, instead of looking for a new deal, according to GoCompare.
The price comparison site found that over a quarter (29%) admitted they leave their home insurance policy to renew without even checking for other quotes.
When asked why, 17% admitted that they don’t want the hassle of finding other renewal prices even if it means saving money.
But the main reason people allow their existing policy to renew is through loyalty to their current provider – 22% of those who automatically renew said their insurer has always looked after them and 18% think the renewal quote will be value for money. However, shopping arond for a new deal could save them a signifcant sum.
Ryan Fulthorpe, of GoCompare home insurance, said: “Our home insurance is just one of many contracts and policies that the average householder today will have in place at any one time.
“It’s not difficult to see how allowing an existing policy to simply roll over and begin a new 12-monthly term is the preferred option for many trying to balance out the different demands on their time in the modern world.
“It can also be easy for people to assume their home insurance requirements are unlikely to have changed much within the space of a year, particularly if there has been little to no change regarding the place in which they live, or the people they live with, within that time,” Ryan continued.
“The remit provided for by home insurance is often much wider than many people realise, however, and even if your overall domestic set up hasn’t changed it’s highly likely specific items within your possession that are eligible for cover will have within the space of a year, for example.”
“There is a lot of work which has already been, and continues to be done, within the industry to make the process of switching from one provider to another as straight forward as possible, and also around the transparency of home insurer’s terms and conditions in making that change,” Ryan added.