Homeowners who don't bother shopping around to compare home insurance deals could be wasting a combined £1.7 billion a year according to new research.
Price comparison site Confused said 70% of people didn't make sure to check quotes every year, while 34% had never changed insurer.
The £1.7 billion figure comes from extrapolating this to the UK population and then multiplying it by what Confused calls an average saving of £95 a year among customers who do shop around. This may be slightly misleading as people who are charged the highest rates (and thus have more to save) could be more likely to be inspired to look for better deals than those who are only paying a little over the odds.
Perhaps the most surprising finding was that only 73 percent of people said they had any form of home insurance, meaning millions may be at risk of losing everything in the event of a fire or other serious disaster.