1 in 5 Brits with contents home insurance don’t know their excess
21% of people are clueless about how big their insurance bills could be in the event of a claim
New research from Go.Compare has found that despite money worries affecting more people than ever, with 25% seriously concerned about their finances this year,* 1 in 5 people (21%) with contents home insurance could be unaware about what they may have to pay if they make a claim.**
Insurance policies contain a compulsory excess as standard – which stipulates the amount you have to pay from your own pocket if you file a claim with your insurance provider – yet the research shows that many are in the dark about their policy limits.
Younger generations seem to be more experienced at researching excesses – with less than 1 in 10 (9%) 18 to 24-year-olds with a contents home policy not knowing their compulsory and voluntary excesses. However, older generations may be more at risk of an unplanned-for knock to their finances, as a quarter of 45 to 54-year-olds with contents cover admitted to being clueless about their excesses.
Ceri McMillan, Go.Compare’s home insurance spokesperson, said: “Home insurance is designed to protect us in times of crisis and help when we need it the most. This could be to help cover damage to your home, theft, or in an extreme case, even a complete re-build. In stressful times like these, the last thing we want to think about is how much will be needed from our own pockets – but this could vary a lot, depending on your contents home insurance policy.
“Knowing your voluntary and compulsory excesses is vital, so that you are prepared for any potential costs if you have to make a claim. When it comes to choosing a contents home insurance policy, you should always look closely at the excesses and any other potential fees, and factor these in as you decide if the policy is right for you.
“Choosing lower excesses will mean you have less to pay in the event of a claim, but it will likely increase the cost of your home insurance premium. We always recommend that customers use an online comparison tool, as this is the quickest way to compare options and find the right cover."
For more information about home contents and buildings insurance, please visit: https://www.gocompare.com/home-insurance/
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Contact Information
Rosie Johns
Notes to editors
*Between 6th and 9th December 2022, an online survey of 2,004 randomly selected Great British adults was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.1%. The results have been weighted by age, gender, region and social grade to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding.
**On 16th- 19th September 2022, a survey of 2091 randomly selected Great British adults was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.1%. The results have been weighted by age, gender, region and social grade to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Great Britain. Discrepancies in or between totals are due to rounding.
For further information please contact:
Lynsey Walden on lynsey.walden@gocompare.com, or Kath Chadwick on Kathryn.chadwick@gocompare.com
Keep up-to-date with Go.Compare on Twitter; @Go.Compare
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.