Following analysis of industry data, Sainsburys home insurance estimates that the annual cost of running a home in the UK has risen by as much as £1,199 since 2004/05. An increase of 12% or £3.28 a day.

However, Sainsburys Bank advises that homeowners could dramatically reduce this cost if they shop around for more competitive rates on their home insurance, mortgages and energy supplies. Free price comparison websites such as CompareTheMarket, Moneysupermarket.com and Uswitch have made this far easier than it use to be.

Robert O?May, home insurance manager at Sainsbury?s Bank, said: ?It?s becoming more expensive to run a home, which makes it all the more important for homeowners to shop around to make sure they are getting the very best deals available. This not only applies to mortgages and utility supplies but also home insurance".

Sainsbury home insurance have produced a free guide available at www.sainsburysbank.co.uk/homeguide which reviews ways that homeowners may be able to reduce the cost of running their home.

Sainsburys Bank found that mortgage repayments account for around 60% of the total annual cost of running a home, followed by spending on alterations and home improvements, which accounts for over 12%. Although these are the two biggest expenses, it's gas and electricity bills that have seen the biggest hikes since 2004/05 with rises of almost 27% and 19% respectively.