Beware auto renew! Woman paying more than double for her home insurance premium
One woman was paying an extra £465 per year for her home insurance after she let it auto renew.
Lisa Jenner, from Essex, received a massive bill for more than £900.
She went on to A Spokesman Said and realised that she had been caught out by her insurer's auto renew.
"I saved over 50%!" Lisa told us.
"Had been lazy and letting my house insurance auto renew! [My premium] was over £900! [It's] now £435! Thank you."
Lisa is not alone in being caught by the auto renewal trap.
The Financial Conduct Authority estimates that consumers could save £64-103 million per year if they shopped around for the best deal at renewal, rather than auto renewing.
Have you checked your home insurance premium?
'Halifax took me for a chump'
One loyal Halifax customer was also caught out by auto renewal.
Stephen Bleach had been with Halifax for 15 years when he received a quote for £780 to renew the policy on his terraced home in southwest London.
But when he went on a price comparison site his own insurer offered him a premium of £310 on the same property, he wrote in The Sunday Times.
"It took me a long time to realise Halifax Home Insurance had been taking me for a chump," he said.
"I don’t believe its prices are related to costs at all: I believe they’re purely calculated on what the company thinks it can get away with charging mugs like me.
"This is how one of the biggest names in personal finance rewards a decade and a half of loyalty."
Stephen and his wife Jaqui bought their house in 2002 and got a mortgage with Halifax, so took its insurance too.
"Even when we switched mortgage provider, we stuck with the company to insure the place; we naively assumed it was giving us a fair deal."
Millions overpaying home insurance – are you one of them?
The charity Citizens’ Advice says as many as 13 million households are being overcharged, just for renewing their home insurance policies without shopping round.
Almost one third of the whole home insurance market could be paying around 70% more than a new customer for the same policy, the research shows.
Find out if you are paying too much with a quick comparison – a few minutes could save you hundreds of pounds.
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