Money Saving Expert Martin Lewis has issued a 'golden warning' to all UK homeowners while speaking on ITV's This Morning
The money journalist appeared on the programme with Philip Schofield and Davina McCall where he was discussing the cost of home insurance and shared his 'golden rule' to save cash, something that people across the UK can benefit from.
He said: "With home insurance, it is one of the prime areas where insurers use a thing called price walking," reports Birmingham Live.
He added: "And what that means is that you get your quote in the first year and it will be competitive.
"Then, if you do not change the year after that, they walk the price up slowly - maybe 25 per cent.
"More the year after, more the year after, a little bit more the year after.
"The golden rules when it comes to getting home insurance is NOT to auto renew. Always go out and check if there are cheaper prices out there."
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Martin he finished by saying: "You could find your insurance costing you 50 per cent more after a couple of years compared to your first quote."
