Majority of Consumers Don’t Fully Understand Home Insurance Policies
London, UK (PRWeb UK) November 15, 2009
Research has revealed that many people do not know what their home insurance policy actually covers. In fact less than 40 per cent of people check that their house insurance policies cover all eventualities, meaning that household mishaps for the remaining 60 per cent of consumers may not be covered (1), with the research also revealing that less than 25 per cent of people are confident that they are fully insured through their house insurance (2).
Post Office Home Insurance advises that many factors influence the level and type of cover required, with factors such as a newly installed bathroom or an expensive purchase of a new television often requiring policies to be updated. The research highlights that many consumers simply leave their home insurance cover ‘ticking over’ from year to year, and may find that their policy no longer matches their circumstances when it comes to making a claim.
With both contents and house insurance claims traditionally rising during the winter months (3), Post Office Home Insurance is urging consumers to check their policy at least once a year to ensure they are not caught out in the event of a claim.
Various factors contribute to a rise in home insurance claims during winter. Home break-ins tend to be higher at this time of year as opportunistic thieves take advantage of the darker evenings (4), and winter can also be tough on homes as the harsher weather conditions take their toll, causing pipes to burst for example. Post Office Home Insurance urges consumers to periodically review their cover to avoid being caught out.
(1) Mintel Home Insurance Report 2008
(2) Mintel Home Insurance Report 2008
(3) Onlyinsurance.com 2009
(4) Pattison Estate Agents 2009
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