News Article
Millions could have Lower Home Insurance Prices if they Remained Focussed
An industry expert has revealed that millions of British consumers could save large amounts of money on home insurance prices and other financial outgoings by simply paying more attention to household costs. As the recent financial crisis hit a number of individuals hard, many are looking at saving money by any means possible, but a recent poll has found that often homeowners remain in the dark over their own service costs.
Last month, a study by the Post Office revealed that almost 28per cent of homeowners had no specific details on their mortgage repayment options. Meanwhile 35per cent remained on their mortgage lenders standard variable rate (SVR), not taking advantage of a number of possible cheaper options open to them. This is particularly applicable in current climates which have seen the Bank of England's base rate drop to record lows, whilst private companies have not always followed suit. And understanding one's exact financial status could also benefit individuals looking at home insurance prices.
Speaking of the results, John Charcol's senior technical manager Ray Boulger explained "Clearly the more notice people take of their various financial products, the more likely it is they are going to know when they have got a good deal and when they should be thinking of switching." He added that many seeking mortgages do so without the proper scrutiny, resulting in the finer details such as SVR and contract charges being missed. Advising that individuals take greater care over their financial situation, Mr Boulger concluded that knowing household costs ensures that home insurance prices are exact for each individual's circumstances.
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