Industry News from Yes Insurance

While some consumers will always look for the cheaper option, those buying home insurance have been urged to opt for quality over price.

According to Defaqto, individuals buying cheap home insurance may be left underinsured, as the small print can contain a number of potentially costly exclusions, the Fair Investment Company said.

Mike Powell, a consultant at Defaqto, said: "Although in these financially difficult times, the cost of insurance cover is an important factor, the cover provided must be at the forefront of the consumer's mind."

He added the choice to opt for an insufficient insurance policy to save on premiums could prove to be expensive in the event of making a claim.

Price comparison service Confused.com claims Britons are losing out on £1.4 billion every year by not shopping around when renewing their home insurance policy.

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