Originally published March 26 2005
In Scotland, most people over 50 are paying too much for home insurance
by Mike Adams, the Health Ranger, NaturalNews Editor
Many people over 50 years old are paying too much for their home insurance because they do not shop around for a better rate. In Scotland, these homeowners are paying almost one-third too much for their home insurance, though they could easily find cheaper insurance in most cases. However, many people just accept the insurance offered by their mortgage provider and take the renewal whenever it is offered.
The over-50s are paying over the odds for their house insurance, a report claims today.
Research from insurer RIAS found that people in this age group pay around £1.2 billion a year for their home insurance, but that by shopping around, they could cut this bill by more than a third.
This would save the average 50-plus homeowner just over £130 on their home insurance.
The research, conducted for RIAS by Consumer Intelligence, found that the average annual home insurance premium for the over-50s is £353.53.
The average for the most competitive 5% of providers is £220.93 compared to £603.08 for the most expensive 5% �" a difference of a staggering £382.15 a year or 173%.
Andrew Marchington, managing director of RIAS, said: �oeMore than most age groups, the over-50s should shop around for their home insurance.
�oeOften they have been with the same insurer for many years and have simply accepted the renewal deal on offer.
�oeMany will have bought their insurance from a bank or building society when taking out a mortgage.
They need to realise there are better deals and big savings out there.
Ian Hughes, managing director of Consumer Intelligence, added: �oeThe difference between the cheapest insurer for the over 50s and the most expensive is vast.
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