6
Apr
UK property owners 'may be paying too much for insurance'
Property owners in the UK may be paying over the odds for their
insurance policies, it has been claimed.
According to moneysupermarket.com, those who opt to make monthly
payments to secure cover are often charged for the privilege.
It suggested that some firms put an additional 22 per cent on to
the annual price of policies if people choose to pay on a monthly
basis.
However, by shopping around, those who wish to avoid the upfront
cost of getting insurance by spreading the payments across the year
can still get good deals, it noted.
"It is crucial to make sure you're aware of any additional cost and
ensure that you scour the whole market to find the most reasonably
priced deal," advised Julie Owens, head of home insurance at
moneysupermarket.com.
Seeking the best price can save homeowners as much as £131 on
a yearly policy, she added.
Last month, Ms Owens suggested that by failing to search the market
people are watching their hard earned money "go down the
drain".
