UK Money News
4th December 2007
Consumers 'misinformed about mortgage-insurance link'
Many people are ill-informed about their rights concerning buildings cover, it has been claimed.
According to personal finance provider Sainsbury's Bank, almost three million people believe that they are obliged to purchase their buildings cover from their mortgage provider.
However, this is not the case, with consumers able to select help with money from any provider they choose.
The company's research suggests that 28 per cent of buyers stay with their mortgage provider because they believe that the firm offers the best deal - but a further one in five (18 per cent) say that they think they need to purchase a policy to secure their mortgage.
Steve Johnson, head of home insurance at Sainsbury's, said: "Buying a home is often a hectic time and for many people it may seem tempting to just purchase buildings cover from their mortgage provider.
"However people really should shop around to check they're getting the best deal."
Meanwhile, the AA has announced that according to its index of prices, home and car insurance premiums are both on the increase.
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