British households waste an average £144.5 million every month by not switching their home insurance, according to new research.

Figures from Barclays insurance show that UK homeowners are overpaying on their home insurance by an average of £1.7 billion a year, equating to around £112.95 per household.

Although people are prepared to switch providers for mortgages, electricity, fixed line telephones, gas and current accounts there is a reluctance to consider different companies when it comes to home insurance, according to the National Consumer Council (NCC).

"People believe switching is difficult and a hassle. People [surveyed] also didn't believe that it was easy to find out what deals other companies offered," said a spokesperson for the NCC.

"High switching levels show a competitive market, so ... it does suggest prices are higher than they need be."

Traditionally, the insurance market has been linked to the mortgage market, according to the NCC, and people may not realise that they can pick a home insurance policy independent of their mortgage lender.