Homeowners, over the age of 50, who remain brand loyal to their home insurance providers, could be paying 30 per cent more on their premiums, according to recent research.

The specialist insurer 50plus, conducted price comparisons on different home insurance premiums and found that homeowners could be saving on average 20 per cent, if they choose to shop around for more convenient insurance premiums.

The sample involved 3,000 homeowner policies, that were provided by 22 policy providers and found some premiums, to be 30 per cent more expensive than the same policy provided by 50plus.

Peter Wright, director of 50plus, said: "The over-50s market is renowned for its brand loyalty. However, by not shopping around homeowners are unnecessarily paying more than necessary for the most competitive, like-for-like policy. It is essential that the customer shops around to ensure that they are getting the best possible deal, especially in a time where costs of living are rising, significantly impacting the elderly.

"We aim to offer the over-50s a quality insurance product with no hidden clauses, that is both fair and competitive."