Britons have been urged to look into switching home insurance providers in order to get the best deal.
The advice comes from price comparison service moneysupermarket.com, which said "loyalty doesn’t pay".
According to the organisation, households could be wasting £131 per year by automatically renewing their policies.
Julie Owens, head of home insurance at the website, said: "By not shopping around for home insurance Brits are effectively watching their hard earned cash go down the drain.
"Without insurance to protect you, you could end up having to foot a very expensive bill. I would always recommend checking the small print of your policy to find out what you are covered for as being underinsured is also a dangerous position to find yourself in."
Key Retirement Solutions recently launched Key General Insurance to help older homeowners who are looking for competitive home and travel insurance.
The product offers the prospect of beating a home insurance renewal quote by at least 10 per cent and offers travel insurance at competitive prices to those who have medical conditions.
