According to recent findings, Sainsbury's home insurance estimates the annual cost of running a home in the UK is now £10,048- 16 per cent higher than the equivalent figure of two years ago.
Sainsbury's Bank, which has also announced a new home insurance product with a range of additional benefits, says that if homeowners were prepared to shop around for the best deals on mortgages, gas, electricity and insurance then they could drive that figure down.
"The costs involved in running a home are rising," explained Karen Preston, home insurance manager for Sainsbury's Bank. "This makes it all the more important for homeowners to shop around in order to make sure they are getting the very best deals available."
Ms Preston also noted that this did not only apply to one or two bills, but "the collective running costs, everything from your mortgage to gas supply".
Sainsbury's says its new home insurance package could save customers up to £155 on their existing premiums and includes cover for pre-1850 properties, student belongings, specified high value items and a new landlord policy for buy-to-let properties.To read more about home insurance, click here.
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