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Don't rely on cost alone for home insurance quotes, Defaqto warns
People are over-prioritising price when they look for home insurance quotes, Defaqto said today.
According to the financial firm, this leads to many people purchasing unsuitable home contents insurance policies.
Instead, Defaqto suggested, customers should see the different levels of cover offered by home insurance quotes - as well as the price - before deciding on a policy.
The price-only trend has picked up due to the recent economic downturn caused by the credit crunch, which has put the squeeze on many budgets.
Inflation has also hit 4.7 per cent recently - a 16-year high.
Mike Powell, Defaqto's general insurance consultant, said: "Although in these financially difficult times, the cost of insurance cover is an important factor, the cover provided must be at the forefront of the consumers mind."
He added: "Finding out that your insurance policy doesn't cover you when you need to claim, could mean that the decision to save a few pounds was the most expensive mistake you could make."
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