Over half of British consumers failed to change home insurance providers at their last renewal date, despite the fact that many were hit with higher insurance premiums.
These were the findings of a recent poll carried out by Tesco Finance which revealed that 2.5 million Britons saw above-inflation increases in the cost of their home insurance.
Commenting on the findings, Tesco's Paul Baxter said: "With the credit crunch in full swing and people tightening their belts, this is an area where savings can easily be made. We encourage everyone to check the competitiveness of their renewal premium before accepting it."
Consumers interested in lowering their premiums could consider using a price comparison site to find the best deal possible and compare insurance providers on a like for like basis.
The survey also revealed that British motorists are also paying over the odds when it comes to car insurance, with 36 per cent of drivers admitting to being with their current provider for over four years.
In other news, Direct Line recently urged drivers to consider the financial impact of making vehicle modifications. Company spokesperson Jennifer Culley warned motorists that alterations could make vehicles more attractive to thieves and push up cost of premiums.
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