Home-buyers are being warned that they could be paying over the odds for home insurance after research revealed that one in seven took out policies with their mortgage lender.

The study, carried out among 2,000 homeowners from the UK, found that 14% of homeowners purchased home insurance via that route with almost half of those admitting they did so out of convenience. Three quarters of those homeowners hadn’t even compared other products and policies available!

Mortgage lenders require you to have adequate buildings insurance to protect the property, typically against fire, flood subsidence and storm damage. While most lenders offer home insurance, borrowers are not and should not feel obliged to purchase it if from them.

When homeowners were questioned as to why they had opted to buy insurance from their mortgage lender, 14% thought it might help with their mortgage application and astonishingly 9% claimed they didn’t know they could buy cover elsewhere.

Just over a third of people who arranged cover through their lender said they didn’t check their cover levels and excesses to make sure they were purchasing the right policy for their needs.

When looking for the right home insurance deal, remember that the level and type of cover is just as important as the price. Of course, we all hope to never have to claim on our home insurance but should disaster strike, then it can be worth its weight in gold.

We will be able to find you the right policy at a great price – if you need to find non-standard home insurance (for example, a listed building), we can do the shopping around for you. We will find the policy that best suits your needs and act for you if you need to make a claim, ensuring it’s an easy, stress-free process.

Want to know how to reduce the cost of home insurance? Here’s our top tips!

- Increase security
- Install alarms
- Build your no-claims discount
- Buy building and contents insurance together
- Pay annually
- Take advantage of offers