A significant number of homeowners could be overpaying for their home insurance because they bought a policy from their mortgage provider, instead of searching for the best deal.
Almost a third of homeowners have taken out an insurance policy through their mortgage provider at the time of their house purchase, according to research by Compare the Market.
When asked about their reason for this, 29 per cent of homeowners said it seemed the 'easiest option' at the time.
In the survey, 15 per cent of homeowners said they didn't shop around for home insurance
Although some did shop around for a better deal, nearly a fifth said they were penalised or charged a fee for buying a policy that was not from the mortgage lender.