According to Sainsbury’s Home Insurance, nearly three million people have a mistaken understanding of building insurance. It is a common misconception that you need a building insurance from the home mortgage provider for a successful application. It was found out that 48% purchased their building insurance directly from the mortgage provider of their house. It is alarming that many people are unaware that they can get a better deal from other insurance providers in the market had they taken the time to shop around for a better deal or had they known that they are not obligated to get their building insurance from the mortgage provider. This common mistake majority of the time translates to bigger spending for the homeowner.