The annual cost of running a home is now around £11,035, according to analysis from Sainsbury’s Bank. This is as much as £1,199 or 12% higher than the equivalent cost in 2004/05 or a rise of £3.28 a day.

However, homeowners could dramatically reduce this cost if they are prepared to shop around for more competitive rates on their home insurance, mortgages and gas and electricity supplies advises the bank, which offers competitively priced home insurance with a range of comprehensive benefits.

Robert O’May, home insurance manager at Sainsbury’s Bank, said: “It’s becoming more expensive to run a home, which makes it all the more important for homeowners to shop around to make sure they are getting the very best deals available. This is not only for their mortgages and utility supplies but also their home insurance.

“We’ve produced a free guide available at sainsburysbank.co.uk/homeguide which looks at how homeowners may be able to reduce the cost of running their home.”

Mortgage repayments account for around 60% of the total annual cost of running a home, followed by the money spent on alterations and improvements, which accounts for over 12%. Although these are the two biggest expenses, it is gas and electricity bills that have seen the biggest percentage increase since 2004/05 – rises of almost 27% and 19% respectively.

Sainsbury’s Bank home insurance is competitively priced and consumers can save up to £124 in premiums when compared to other insurers. As well as being competitively priced, the bank also offers an extensive range of cover and benefits. This includes:

Unlimited buildings cover
Unlike some home insurers, Sainsbury’s Bank does not apply charges for customers paying their premiums by direct debit
Maximum standard no-claims discount is 30%. If protected NCD is paid for this rises to a maximum of 40%
cover for accidental damage - even by pets
No-claims discount protection
10% discount when buying online
Additional 5% when purchasing buildings & contents insurance