Industry News from Yes Insurance

Brits are paying £1.4 billion more than they need to every year because they are not reviewing their home insurance policies, according to Confused.com.

Research by the group has revealed some 56 per cent of those questioned had not thought about switching provider for over three years.

Furthermore, it found some homeowners believe opting for a bank's own insurance product will increase their chances of being approved for a mortgage.

Darren Black, head of home insurance, said he was surprised how much money was being wasted by people failing to shop around.

However, he added: "Consumers can still claw back much of this lost money by adopting savvier attitudes towards their finances."

Mr Black added comparing different providers the average homeowner would be able to save about £186 a year on their home insurance.

Meanwhile, Confused.com has said 14 million households are wasting an average of £490 each per year by not switching energy provider.

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