Nearly half of all homeowners are guilty of grasping the first insurance that comes to hand, a huge 63 per cent of whom are doing so through their mortgage lender because it is convenient.
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Worryingly, as many as one in ten people believe that it is compulsory to buy your home or life insurance from the same company providing you with your mortgage. A further one in twenty even believe that their mortgage is at risk if they dont go ahead and buy insurance from their mortgage lender.
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Head of insurance at Post Office Financial Services, Phil Ashkuri said: Convenient does not always mean cheap. Many homeowners dont realise taking out buildings and contents insurance with their mortgage lender is generally not the best value deal and it is not compulsory for securing their mortgage.
Our advice is to shop around as there are better home insurance deals out there from standalone providers. The Post Office takes the hassle out of finding the best policy at the right price by searching a panel of companies on your behalf.
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Indeed, customers can get twelve months worth of insurance from the Post Office for the price of eleven as of the start of May, and in addition estimate that they can save homeowners up to £173 on their home insurance premiums.
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