Loyal home insurance owners, those with their provider for over a year, will end up paying over a third more for their coverage.
According to research from Which?, renewing your policy with your insurer ends up being costly. On average, home insurance customers that had been with their insurer for over a year paid £75 ($97) more than new customers.
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Of the nearly 6,000 customers surveyed, new customers were charged a median premium of £195.
However, those who had been with the insurer for one to two years paid an average of £220. Also, if they had stayed for four to six years, the average was £300 for combined contents and buildings policies.
The difference was less extreme when it came to contents-only policies. New policy holders paid £100 a year on average. This jumped to £120 after a year and £144 after between four to six years.
Despite the rise in price, many do not switch. 69% of survey respondents had been with their insurer for over a year.
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