37pc caught in mortgage provider ‘time trap’
The research also found that 36% of those that haven’t shopped around have had their home insurance with their mortgage provider for over 20 years.
Gordon Morris, managing director at Age UK Enterprises, said: “People may have taken out their home insurance with their mortgage provider many years ago when there were fewer options available and may have assumed that this would be required of them.
“Our research clearly shows a number of people are staying with their mortgage provider for a considerable number of years without shopping around for a better deal to ensure they are getting real value for their money.”
Age UK enterprises found that of those who did shop around over a third (38%) felt that their mortgage provider’s home insurance offering was too expensive.
Supporting this 37% of home owners who had changed their home insurance from their mortgage provider did so after they had shopped around and a further quarter (27%) swapped as soon as they had paid off their mortgage.
Morris said: “It is vital that people ensure they have the right home insurance policy to fit their individual needs and budget, rather than just sticking with what they know.
“In doing this consumers are not only at risk of not getting value for money but also not having the right cover in place. This can end up being a costly mistake if a claim needs to be made.”