Life Insurance -
Mortgagers insurance costing Britons millions - 01/04/2008
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British homeowners have been warned to stay away from their mortgager’s insurance policies unless they are sure they’re getting the best deal around.
According to research conducted by the Post Office, half of mortgage holders choose their mortgage lender's home and life insurance, which is costing £600 million a year.
Consumers can save up to £173 in premiums on their home insurance alone by looking for a better deal, the Post Office calculates.
The reason people often go with their mortgager’s insurance policies rather than shopping around for a better deal is that it’s easy and convenient.
“Convenient doesn't always mean cheap," said Post Office head of insurance Phil Ashkuri.
"Many homeowners don't realise taking out buildings and contents insurance with their mortgage lender is generally not the best value deal. And it's not compulsory for securing their mortgage.
"Our advice is shop around as there are better home insurance deals out there from standalone providers."
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