Are you paying too much for home insurance? Here’s how one homeowner slashed his bill in half
Bill Hendy had been insured with Lloyds Bank for years – but it wasn't until he decided to compare prices that he realised he was getting ripped off.
In fact, he was paying more double what he actually needed to.
Bill, 65, from Bristol, received his latest premium for home and contents insurance at his two-bedroom detached bungalow.
Lloyds was asking for £348.
"I realised we hadn’t changed for years and thought it was time to compare," he told A Spokesman Said.
When he compared prices he realised his loyalty was not appreciated.
Bill cut his home insurance bill by 56% when he ditched his old insurer.
Bill found a new deal, with the same level of cover, for £155 - a massive saving of £193!
"Now I know I was being ripped off."
Beware auto renewals
Bill isn't the only one to get caught out by high insurance premiums.
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."
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.
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