Loyal customers aren't always offered the best deal on home insurance by their mortgage providers. A recent study conducted by
Watermelon Research found that 37 per cent of people who have home insurance with their mortgage firm have never considered changing.
A further 36 per cent of respondents have had their home insurance with their mortgage provider for over 20 years. Two fifths of those who do shop around for a better deal find that home insurance with their bank or building society is too expensive.
Stand against cancellation fees
The situation is is particularly worrying for the over 50's. Age UK Enterprises, the commercial arm of Age UK, is warning older peopled to check their home insurance policies especially if they have purchased cover from the bank or building society that provided their mortgage.
A substantial proportion of older people remain loyal to insurance providers even when it may not actually be in their best interests.
Age UK Enterprises is taking a stand against cancellation fees as these may discourage older people from moving their home insurance. It is offering to refund cancellation fees up to the value of £40 for any customers who switch to its home Insurance.
Age UK’s ‘Money Matters’ guide includes information about buying insurance.
Download a free copy or call Age UK
Advice Line free on 0800 169 6565.
A further 36 per cent of respondents have had their home insurance with their mortgage provider for over 20 years. Two fifths of those who do shop around for a better deal find that home insurance with their bank or building society is too expensive.
Stand against cancellation fees
The situation is is particularly worrying for the over 50's. Age UK Enterprises, the commercial arm of Age UK, is warning older peopled to check their home insurance policies especially if they have purchased cover from the bank or building society that provided their mortgage.
A substantial proportion of older people remain loyal to insurance providers even when it may not actually be in their best interests.
Age UK Enterprises is taking a stand against cancellation fees as these may discourage older people from moving their home insurance. It is offering to refund cancellation fees up to the value of £40 for any customers who switch to its home Insurance.
Age UK’s ‘Money Matters’ guide includes information about buying insurance. Download a free copy or call Age UK Advice Line free on 0800 169 6565.
