Tesco encourages savings on home insurance

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Friday 10th November 2006

Tesco Personal Finance has encouraged its customers to study their home insurance policy to see if savings could be made.

A recent study revealed that UK consumers are spending about £1.2 billion more than necessary on home insurance each year.

Some who were paying more than £300 annually could have saved up to 30 per cent by switching to a new policy, Tesco said, while others could save as much as £200.

Allan Burns, head of insurance at Tesco Personal Finance, said: "Many consumers are apathetic about their home insurance or believe it is an integral part of their mortgage."

"Many homeowners in the study were shocked by the amount they had been paying unnecessarily," he added.

The research compared 625 premiums from some 26 major providers across the country and found that, on average, homeowners are paying 25 per cent more than they need to for home insurance.

A survey conducted earlier this year by Mavern Management revealed that of 1,500 Tesco Personal Finance customers questioned, 98 per cent would recommend its services to friends or family.

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