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Posted by Emily Jones

Consumers in the UK are wasting money by failing to shop around for deals on home insurance when it comes time to renew their policies, it has been claimed.

According to figures produced by moneysupermarket.com, households are spending an average of £131 more than they need to on such cover because they automatically stick with their providers.

It found that only 16 per cent of people took out a new policy last year, meaning Britons could be losing a substantial amount of money.

Head of home insurance at the price comparison website Julie Owens remarked: "By not shopping around for home insurance Brits are effectively watching their hard earned cash go down the drain."

She added that, while such cover is not a legal requirement, it is highly advisable for people to have it in place.

Figures released recently by Confused.com suggested that the value of home contents has increased by 115 per cent in 15 years.

24/03/2010 15:06