Sainsburys Bank Say Shop Around For Buildings Insurance

Published: 25/06/08

A new study by Sainsburys Bank Home Insurance division finds that about three million people don’t understand where buildings insurance can be bought from when arranging a mortgage.

The misconception that buildings insurance must be taken out with the provider of the mortgage is pretty widespread it seems, as almost half the people surveyed said they had done just that. Sainsburys Bank are concerned that these people are not getting the best option available for them since they do not have the opportunity to access an open market.

This is borne out by just over a quarter of those buying their buildings insurance from their mortgage provider believing they had got the best deal available. An alternative view of this situation may well be, as Sainsburys Bank head of home insurance suggested, that people are just so busy amidst the whole house buying process that they simply don’t have the time or inclination to look for a better deal on their buildings insurance, deciding they can spend that time better elsewhere.

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