A study conducted by UKDN Waterflow found that 9 out of 10 homeowners did not understand their home insurance, leading to distress and disappointment in a damage scenario.
At 42%, half of the tenants who are only responsible for insuring their property found that they were struggling with the complexity of the insurance.
The drainage and maintenance company that conducted the study suggested that double the number of homeowners as tenants are struggling with conditions in their insurance because the range of problems and risks associated with buying a home is increasing dramatically – problems that The owner is then responsible for himself.
They also reported that there is a noticeable discrepancy between the understanding of those who actually have cover for their home and those who do not. Of the insured respondents, 66% said they were “not at all confident” that they understood the coverage that their policy provided. In the meantime, 21% of the uninsured were not sure whether they understood which building and content insurance they cover.
In terms of home insurance, only 13% of owners felt they were informed about their policies with this protection, a number that UKDN Waterflow customer development manager Sharon Betts described as “particularly worrying”.
“These numbers make it clear that we all need to do more to educate the public so that when the time of need arises they are fully and adequately covered,” she said.
Among the respondents were 629 people who identified themselves as homeowners and 119 as tenants. The rest of the 766 questions classified themselves as “other”.
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