Are you coughing up for needless insurance costs?
Consumer champions of the world, Which!!!, have compiled two separate reports (TWO! Count 'em! Like the White Album, it could've made one great report, but there's no telling Which!!!!!! is there?) which state that insurance customers are facing unnecessary costs.
They found that 10 out of the 12 largest water companies are promoting pipe insurance from third parties, and this apparently costs customers more than £100m (in total) and in many cases, the money being spent is absolutely needless.
This is because water companies provide their own repair schemes which are free-of-charge. This service overlaps with what's being offered by insurance companies. In addition to this, some water supply problems could be covered by your home insurance.
Another problem is that many water companies are promoting Homeserve policies through direct mail promotions, often on their own headed notepaper. You could argue that this is a little misleading, which is neither use nor ornament if you're paying for things that are covered for free elsewhere.
Which?!?!? have also highlighted that insurers could well be charging hidden fees for insurance policy changes and renewals. It seems that AXA and Swiftcover are charging customers £30 to update your personal details with them.
Peter Vicary-Smith of Which!!!!! said: “These charges should reflect the real cost to the company and not a way of making easy money from consumers who are already struggling with high and rising insurance premiums.”
In other words, they're all greedy swine. Keep an eye on 'em.