Your Money Haven

Homeowners should 'look outside bank' for insurance

11 February 2008

Homeowners looking for building cover for their property should "look outside" their bank, according to the British Insurance Brokers Association (BIBA).

While lots of people turn to their bank or mortgage provider when it comes to looking to protect their home, people could "save so much money" by looking elsewhere, according to technical and corporate affairs executive at BIBA Greame Trudgill.

He said: "It's always important to get a second opinion. Don't just go with your bank – lots of people are because that is where their mortgage originated from. You will actually find that you can save so much money by looking outside of your bank because a bank only sells one product – their product."

But looking around for better home insurance is not the only way to save money on cover.

Mr Trudgill noted that keeping a property in top condition will also help bring down premiums.

He said: "Maintenance of your property is a very important thing. Check the health of your roof, check that your guttering is empty so that water isn't running off and you get subsidence.

"In the winter check your pipes – there are so many burst pipe claims in the winter and an awful lot is paid out. It causes a lot of damage"