Homeowners in the UK are wasting millions every year by letting their home insurance renew automatically rather than shopping around to get a cheaper deal. According to a recent poll, Brits are wasting £667 million annually by simply letting their home cover renew without trying to find a cheaper quote elsewhere.

If you are one of the millions of UK home owners who allows their current provider renew their cover automatically, you could be wasting as much as £125 as a recent study found this is how much on average homeowners are losing out on as a result of letting renewals happen automatically.

According to research carried out by moneysupermarket.com, almost a third of respondents who took part in the poll admitted that they simply let their home insurance renew every year without checking for a cheaper quote through a price comparison website or broker.

11% of those who took part in the study revealed they simply couldn’t be bothered to shop around for a home insurance quote, while a fifth of those who responded to the survey said they didn’t act to get another quote as they didn’t believe they’d be able to find a cheaper deal elsewhere.

While a high number of home owners revealed that the convenience of simply letting their home insurance renew without having to a lift a finger was the main reason they didn’t shop around for a better deal. However insurance experts argue that £125 a year is a hefty price to pay for convenience, and if consumers were more aware of the savings that could be made, they may be more likely to ditch the automatic renewal and go in search of a better deal on their home insurance.