British homeowners are wasting £687 a year, or an average of £125 per household, by choosing to renew their home insurance automatically rather than shopping around.
The survey from an online comparison site, found that 29% automatically renewed their home insurance rather than trying to find better deals.
The research also found that British householders stay with their home insurance provider for an average of two and a half years.
Hannah Mercedes-Skenfield, insurance spokeswoman at the comparison website said:
“Having the choice to automatically renew your home insurance is an appealing option for time-poor homeowners – but ask yourself, is it worth paying such a hefty price for the convenience? Shopping around for the best deal is quick and easy, but by not doing so, consumers effectively watch their hard earned cash go down the drain. How many of us would really say no to £125?”