Consumers in Britain lost nearly £26 million last year by not switching home insurance provider, new research has found.

According to figures released by Tescocompare.com, almost two-thirds of homeowners in Britain stayed with their lender at the time of renewal, with nearly half seeing the cost of their premiums rise.

Of those whose rates went up, four million saw the price increase above the rate of inflation.

Meanwhile a fifth of policy holders did explore other deals available only to find there were no better policies.

Paul Baxter, from the website, believes loyalty should play no part when it comes to taking out home insurance cover and encouraged consumers to choose a policy based on its suitability and merits.

"Regardless of how loyal you are to your current home and contents insurer - you should shop around at each renewal to make sure you get the cheapest and most appropriate insurance for you," he said.

A spokesperson from the Association of British Insurers recently warned homeowners against purchasing cover based on price alone as they may find themselves under-insured.

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