Around 46 per cent of Brits buy life and home insurance from their mortgage provider - with around 12 per cent of these individuals claiming that they did so because they thought they were required by law to do so.
Roughly two-thirds of these people said that they had taken out insurance from their mortgage provider because of the "convenience" - admitting that they hadn't shopped around for the best deal.
"Convenient doesn't always mean cheap," said Post Office Financial Services head of insurance Phil Ashkuri.
"Many homeowners don't realise taking out buildings and contents insurance with their mortgage lender is generally not the best value deal. And it's not compulsory for securing their mortgage.
"Our advice is shop around as there are better home insurance deals out there from standalone providers."
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