New research from Your Money has suggested that homeowners who simply renew their home insurance policies may be paying a combined £508 million more than necessary each year, according to The Telegraph.

That means that individually, homeowners could be overpaying by £180 a year on average.

And in research commissioned by The Telegraph, Confused.com claimed that a quarter of insurance customers could pay less than their renewal quote or current policy premium by shopping around.

A spokesperson for Think Insure said: “Like any financial institution, insurance companies are always competing with each other for business, and so it`s always worth searching the market to find the cheapest deal when a renewal is due.

“We recommend that anyone looking for insurance speaks with an expert insurance adviser beforehand, who could help them to find the best deal.”