Are you one of the thousands of people who have their buildings and contents insurance arranged with your mortgage lender? If so, you may well be one of those who can save between £50 and £300 a year by just spending a few moments and getting a comparative quote.

One insurance company calls it a "Billion Pound Burglary" as they estimate that £1.1 billion is being paid by homeowners for household insurance organised through banks and building societies. That equates to £75 a year or £3,300 over the lifetime of the policy.

There's no need to wait until your renewal to change insurers - you can usually transfer at any time.

The insurance companies rely on people's apathy, and the fact that many do not know that they can have an alternative. The hidden cost of the policies offered does not end there. Many mortgage lenders tend to cautiously err on the side of over insuring your property and that is simply money down the drain, since you can not claim for more than an item is worth.

One reason why it is worth shopping around is important is because there was a revolution in the early 90s. With the greater use of technology insurers can now be far more precise about the risk you or your neighbours might pose for them. Which may mean that you could benefit rather than subsidising others.