Swinton Group is warning customers to be more diligent and read insurance policy documents in detail in order to protect the true value of personal belongings, if a claim is made.
A survey of over 4,000 customers conducted by Swinton revealed customers are falling short by failing to read important insurance policy documents. 56% revealed they don’t look at them, 32% stated they skim read them and 12%* said they examine them in detail.
Swinton customers are largely unsure about what the insurance they’ve booked actually covers. 71%** disclosed when they buy insurance, they’re not completely sure it will cover all home belongings and 64%*** admitted if they had to make a claim, they didn’t think they would be covered for all contents.
Anne Kirk, marketing director at Swinton Group, said: “We realise insurance policies are a complicated read but the devil is in the detail. We strongly advise all customers to study their policy, to ensure it’s tailored to their needs. Reading it will help you understand your responsibilities and the insurance company’s if a loss occurs.
This can help avoid problems with your insurer in the event of a claim. For example, if you’re underinsured an insurer is allowed to reduce a pay-out. If you’re struggling to understand your policy we advise speaking to a professional and contacting your broker or insurer directly.”
*Survey question - when you last bought insurance did you read your policy documents? 1,806 votes
** Survey question - when you buy insurance, are you confident that it will cover you for everything you need? 1,354 votes
*** Survey question - if you’ve had to make an insurance claim for your home, were you covered for everything you thought you would be? 941 votes