Almost half admit not reading insurance policy

Jessica Nangle

June 4, 2019

Four in 10 people (39%) admit to not reading their policy on home insurance according to latest research by YouGov, on behalf of Paymentshield.

The study found that home insurance was one of the least read financial documents, alongside mortgage terms and conditions (32%).

For those who admitted to not reading their home insurance policy almost half (46%) said it was too time consuming, a third believed it too complicated (31%) and a quarter said it was too boring.

Rob Evans (pictured), chief executive at Paymentshield, said: “Too many people are not taking the time to read and understand critical financial documents and we are in a position as an industry to help.

“As insurance providers and advisers, it is our job to deliver each individual customer with the right cover at the right price to ensure clients are not taking cover that they don’t need or being exposed to the impact and distress of being under-insured and having claims rejected.

“This is where having an adviser is a huge benefit to customers. The peace of mind from knowing that a trusted expert is gathering the right information, to get the right cover at the right price can’t be underestimated.”

Tenancy agreements were also on the list, with 38% admitting they did not read the document.

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