The extensive difference in the cost of home insurance policies has been stressed by a latest investigation, which exposed that several faithful customers are paying excessive premiums.

An insurance holder recently provided a renewal quotation of £648 over his yearly home insurance, while other basic cover deals were available for just £135.

The retired 83-year-old teacher only required to spend £161 yearly in the insurance. However, he stated that that he paid £3,500 extra over the past 20 years, when compared to other covers. He renewed his policy every year with the same provider.

According to the reports, the pensioner got stuck with the same insurance provider as he thought it was the right thing to do.

The customer’s daughter said that the insurance premium has been raised every year. She also said that she would advise anyone else with elderly relatives and parents to glance at what they are actually paying, because for her it was quite shocking.

Recent figures indicated that premiums have ballooned by approximately 10.1% since last year.