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Newsletter

Homeowners urged to avoid high premiums

By Marianne Straker, Wed 22 Feb 2012 - Published in Home Insurance

Property owners in the UK are being urged to shop around when looking for the right home insurance.

Research by Moneysupermarket.com has found that opting for a high excess cover on their protection premiums may not be the right move for many Brits. The price comparison site's study found that there was a £190 difference in the level of excess on home insurance.

For a consumer to purchase cover at £0 cost of excess the premium would be £366 whereas a £500 price would result in a £176 premium. However, should the person need to make a claim they would need to find the £500.

Peter Harrison, insurance expert at the company, said: "It can be a real balancing act when looking at ways to reduce the amount you spend on household insurances whilst still getting the right cover for your needs."

Whilst homeowners are being urged to assess whether they need to take out accidental damage cover, a survey by MORE TH>N found that Brits drunk in their own home caused £700 million damage in the past year.