A recent study of the British Homeowner priorities discovered that more than 1 in 5 do not currently have a home insurance policy in place.
When pressed for a reason for not purchasing cover, many admitted that they simply wanted to avoid the extra cost of paying for a policy. A further 10% admitted that they had a claim rejected by their insurer due to an invalid policy or an insufficient amount of cover.
As part of a push to understand the British public’s understanding and perceptions of home insurance, coverbuilder conducted a survey of over 2250 homeowners, in an attempt to highlight the issues UK homeowners face.
79% of homeowners asked revealed that they had a home insurance in policy. 67% of that number said they only had a home insurance policy because a mortgage lender with a financial interest in the property had insisted one be put in place as a condition of their offer.
The 21% of respondents who admitted to not owning a home insurance policy were asked to reveal the reason. 37% said they wanted to avoid having to pay for another bill, 18% claimed they had simply forgotten to renew their previous policy and 9% admitted that they had failed to find the correct cover.
Additionally, those who admitted to having no cover were asked to reveal the area of the country they resided in, in an attempt to discover the most underinsured area.
The North East, West Midlands and South West proved to be the most underinsured areas of the country, with 14%, 13%, and 12% of homeowners admitting to having no home policy in place. Yorkshire (2%), Northern Ireland (5%), and the North West (5%) had the least uninsured homes.
• Yorkshire and Humberside – 2%
• Northern Ireland – 5%
• North West – 5%
• South East – 5%
• East Midlands – 6%
• East of England -7%
• Wales – 9%
• London – 10%
• Scotland - 12%
• South West - 12%
• West Midlands - 13%
• North East - 14%
Finally, all of those who participated were asked if they had ever had an insurance claim rejected by an insurer, with 9% saying that this had happened to them previously. When asked to provide a reason, the majority (55%) claimed it was an error on their part and that they didn’t provide accurate information on their situation to their insurance company. 39% said they didn’t have the right policy for their claiming needs. The good news is 81% felt they learned their lesson from the experience.
If you are concerned that you may not have adequate insurance, get in touch with West Craven Insurance. Our expert team can assist you in finding the perfect policy, with the right amount of cover and for a fair price.