Home insurance renewals most confusing documents

Thu, 19 Mar 2009

A recent study conducted by Gocompare.com has found that home insurance renewals are the most confusing documents that people receive in the post.

Gas and electricity were found to be the next most difficult to understand, with credit card and bank statements being the easiest. The research also revealed that 24 per cent of people just read and file the home insurance renewal documents and allow their policy to be renewed automatically, rather than seeking a better deal.

Chief executive of Gocompare, Hayley Parsons, said: "For many households, shopping around for the best deal is a financial necessity in the current economic climate. So we were surprised to see that nearly a quarter of people simply read and file their home insurance renewal, allowing the policy to automatically renew. This may seem an easy option, but it could cost the householders dear."

Ms Parsons added that the automatic renewal process benefited insurers by helping them to retain customers and often at higher premiums than were being offered to new customers.
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