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People should 'shop around' for home insurance - 11/12/2007

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A new study published by Abbey has found that 21 per cent of people in the UK automatically renewed their home insurance policy without bothering to shop around for a better deal.

The research, which analysed the personal finance behaviour of UK residents by region, found that those in the south-east were more likely to renew their home insurance without comparing other policies than anywhere else in the country.

In addition to home insurance, the study also investigated the UK's "financial fitness" in areas including current accounts, credit cards, savings accounts and mortgages, with Abbey director Sue Hayes suggesting it may be time for a "financial workout" for many Brits.

"As many gear up to shift the pounds they pile on over the festive period, we would encourage people to review the financial products they hold and shop around to ensure that they are getting the most competitive deal available," she said.

In related Christmas financial news, new research released this week by price comparison and switching service uSwitch.com has shown that people who use store cards rather to fund their holiday spending pay around £55 more in interest than those who choose to spend on traditional credit cards.

© Adfero

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