It’s vital to shop around for best deal
THERE is no legal requirement to buy home contents insurance, but mortgage lenders usually require borrowers to have buildings insurance.
The sum insured must typically be enough to meet the property rebuilding cost.
Motorists, though, are legally obliged to hold a valid insurance policy to cover third-party risks.
To drive down costs, shopping around is crucial. It will be months before the FCA releases its final report with recommendations which could lead to cheaper premiums.
So consumers are advised to search out better deals from comparison websites or by approaching other insurers directly.
Even if you don’t want to move providers, you could use quotes to try to haggle down the price.