Millions of Brits confused by home insurance terms, finds Go.Compare
The Go.Compare Home Insurance study revealed that only 52% of people knew what accidental damage meant, and just 33% understood the term sum-insured.
New research from Go.Compare Home Insurance found that many Brits don’t fully understand key home insurance terms.
The study revealed that only 52% of people knew what accidental damage meant, and just 33% understood the term sum-insured.
The sum-insured is the maximum amount an insurer will pay out for a claim, such as replacing possessions lost in a fire.
The research showed that 67% of those surveyed were unsure about sum-insured, indicating many may not have been insured for the right amount.
Other misunderstood terms included buildings and contents insurance, both understood by only 52% of people.
Nathan Blackler, spokesperson for Go.Compare Home Insurance, recommended walking around the home to list possessions, estimate replacement costs, and ensure that the sum-insured figure covered everything.
Blackler said: “Spring is a great time to declutter your home, making sure you are ready for the warmer months.
“It’s also a great time to dust off your home insurance policy and make sure you both understand the terms and know what exactly you are covered for.”
Blackler added: “It’s quite concerning to see that so many Brits don’t understand the meaning of sum-insured, so while you’re cleaning your home, it’s worth thinking about the value of your contents and making sure that you are covered for the right amount.
“Whether you get out a pen and paper or use a handy calculator like this one, it’s a key step in making sure all your possessions are fully protected.”
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