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A third of Brits 'could be paying too much for home insurance'

Home Insurance News - Published: 17/02/2009
A third of Brits 'could be paying too much for home insurance'
Some 30 per cent of Brits could be paying too much for their home insurance, it has been claimed.

According to Confused.com, one in three adults in the UK believes the rebuild cost of their house is the same or more than the market value.

The group explained this is inaccurate and could result in people shelling out too much for building insurance.

As a result of these findings, the website has launched an online calculator, which will work out a home's rebuild value using information given by the customer.

The tool was developed with the help of the Building Cost Information Service.

Darren Black, head of home insurance at Confused.com, said it is not surprising people struggle to provide an accurate rebuild cost as it can be difficult to work out.

However, he added failing to get it right "could see them paying over the odds year-on-year".

Earlier this month, Confused.com urged homeowners to weather-proof their properties.
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