Home Insurance -
Sainsbury's: Customer ignorance on mortgages and insurance - 04/12/2007
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Around 3 million Britons are potentially left out of pocket by assuming that they are required to purchase home insurance from their mortgage provider, it has been revealed.
Research from Sainsbury's released today shows that the misinformed homeowners, comprising 18 per cent of the total, think that taking out the insurance policy with the provider is needed to secure the mortgage.
In fact, this is not the case - and customers can make big savings by shopping around for cheaper insurance.
Steve Johnson, head of home insurance at Sainsbury’s said: “Buying a home is often a hectic time and for many people it may seem tempting to just purchase buildings cover from their mortgage provider.
"However people really should shop around to check they’re getting the best deal."
Further findings from Sainsbury's included the fact that just 28 per cent of people who purchased insurance from their mortgage provider thought that they had been offered the best deal.
Around 48 per cent of homeowners took out home insurance with their provider in total.
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