Mortgage advisers missed out on £47.8m in home insurance sale commission collectively last year, says Paymentshield.

The insurance distributor highlights remortgage and product transfers as an area where lost commission amounted to £10m alone, based on analysis from UK Finance and the firm’s own data.

“This is because of renewal dates not matching, cancellation fees, or simply because clients perceive their existing policy to be meeting their needs,” says Paymentshield head of sales Emma Green.

Paymentshield adds that 47 per cent of polled advisers say they don’t take the opportunity to sell general insurance.

Green adds: “Having a conversation about home insurance is often not perceived as a priority by advisers, but they are missing out on a huge amount of commission.

“Remortgage and product transfer clients in particular are often overlooked when it comes to a general insurance conversation.

“We know that it can be hard to compete with internet pricing and even harder to make a customer jump ship before their home insurance renewal is due.

“For this reason, we’ve not only launched a three-month payment holiday option but we are also offering a 22 per cent discount on our Defaqto 5 Star Rated Home Insurance pricing for remortgage, product transfer and equity release clients.”