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Brits Apathetic When It Comes To Renewing Home Insurance
Although having a sense of apathy may mean that homeowners have one less concern to worry about when it comes to renewing their insurance policy, doing so may well leave them under more monetary pressures. In research undertaken by Tescocompare it was shown that just less than two-thirds (64 per cent) of People made the decision to stay put with their existing home and contents insurance provider when they last had to renew their premium. Such a proportion comes despite almost 44 per cent of Consumers facing a rise in the cost of their property insurance policy. On top of that, it was shown around four million of such people have witnessed their premiums increase faster than the rate of inflation. Meantime, the price comparison website announced that with the average insurance policy costing 283 pounds, had those nearing the renewal of their premium opted to switch for a more competitivly priced policy then they would have saved a total of some 26 million pounds. The Tescocompare research also indicated that only a little more than a fifth (22 per cent) of consumers questioned who were facing a price increase above the rate of inflation considered changing supplier. Out of these people, only eight per cent found that they were unable to get get the same level of cover at a cheaper price. In addition to paying out higher amounts of money than is necessary for a home insurance policy, it could be possible that consumers discover that they are developing difficulties in managing additional constraints on their spending. Such areas could well include credit and store cards, loans, mortgage repayments and household bills. In addition, it may be possible that a large quantity of people are willing to place themselves under other financial pressures. Of those who opted to stay with their provider, nearly half feel that they had plenty of time to change supplier well in advance of of being hit with a price increment although they finally ended up staying put. Paul Baxter, spokesperson for Tescocompare, said "The message behind this research is clear - many millions sleepwalk through their insurance renewal allowing their insurer to increase premiums unchallenged. Regardless of how loyal you are to your current home and contents insurer - you should shop around at each renewal to make sure you get the cheapest and most appropriate insurance for you." For those people seeking to carry out repairs to their house or purchase major domestic items - refrigerators, sofas and ovens for example - making use of cheap loan might be a recommended path to take. The additional financial assistance that a cheap loan brings may also help borrowers to take out a comprehensive home insurance policy which is additionally competitively priced to ensure that such things are covered. A loan could also be of assistance for people wishing to insure their pets. In a new piece of research Sainsbury's Finance indicated that 11 million Britons do not have cover for their cat or dog, with around 4.6 million of such consumers believing such a premium is not important. However, should people not have insurance for their animal they might have to dig into their savings should their four-legged friend fall ill, with the typical bill for vet treatment revealed to cost about 300 pounds. |
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This intel was contributed by spike
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May, 2012
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