Nearly one-third of UK households have stuck with their home insurance provider for more than five years – potentially paying more than they need to, Citizens Advice has found.
Around 31 per cent have had their policy for more than five years, meaning they could be paying 70 per cent more than a new customer would, it said.
For someone with the cheapest policy for buildings and contents insurance, this could be an extra £110 a year, on average.
Citizens Advice said insurers can make large hikes in premiums when customers renew their policies rather than shopping around for a cheaper deal.
It said vulnerable consumers must be protected from the “loyalty penalty”.
Older people are particularly likely to have stuck with their provider, it found.
Some 40 per cent of people aged over 65 have had their home insurance policy for more than five years.
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