Home Insurance Renwal Forms Top Most Confusing Paperwork Poll
03/24/2009

Home insurance renewals top a poll of the most confusing documents householders receive through the post. The new research* commissioned by leading comparison website Gocompare.com also revealed that 24 per cent of people just read and file their home insurance renewal documents, allowing the policy to automatically renew – rather than seeking a better deal.

Online PR News – 24-March-2009 – – Householders wasting millions by not taking action on household renewals

Home insurance renewals top a poll of the most confusing documents householders receive through the post. The new research* commissioned by leading comparison website Gocompare.com also revealed that 24 per cent of people just read and file their home insurance renewal documents, allowing the policy to automatically renew – rather than seeking a better deal.

But, warns Gocompare.com, householders could potentially be missing out on significant savings by simply allowing their policies to renew, rather than taking the time to understand what they are being offered. Worse still, by not checking any new terms and conditions, or reviewing whether the cover continues to meet their needs, they could be buying an inappropriate policy or leaving themselves underinsured.

The new research from Gocompare.com reveals that, of the documents they receive through the post, 26 per cent of people find their household insurance renewal the hardest to understand, followed by utility bills (gas: 20 per cent, electricity: 16 per cent), their landline phone bill (11 per cent) and their water bill (8 per cent).

Hayley Parsons, chief executive of Gocompare.com commented, “The language used and the technical nature of renewal documents make them a less than compelling read, but renewals contain important information which could affect your financial wealth. So, it is essential that you spend the time to check the policy you are being offered continues to meet your needs. In particular, note any new policy exclusions and conditions and, check that the sum insured is sufficient to include any recently acquired possessions.”

Hayley concluded, “For many households, shopping around for the best deal is a financial necessity in the current economic environment. 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 householders dear. The automatic renewal process greatly benefits insurers by helping them to retain customers - often at higher premiums than they may offer to new customers.”

Notes to Editors:

*Research commissioned by Gocompare.com. Carried out with 1,510 UK consumers in January 2009 by Loudhouse Research.

Of the documents you receive in the post, which do you find the hardest to understand? % of UK Respondents
Home insurance renewal 26%
Gas bill 20%
Electricity bill 16%
Car Insurance renewal 11%
Landline phone bill 11%
Water bill 8%
Mobile phone bill 5%
Credit card statement 2%
Bank statement 1%

About Gocompare.com

Gocompare.com launched in November 2006 to help people find the right insurance cover at the right price. It was founded by Hayley Parsons who has worked her entire career in the insurance broking and aggregator markets and was the first comparison site to focus on displaying product features rather than just listing prices. It was this philosophy that led to Gocompare.com becoming the first price comparison site to be invited to join the British Insurance Brokers Association (BIBA) in May 2008 and helped force older comparison sites to change their ‘quick quote’ ways and stop using assumptions to calculate estimated figures.

Today, Gocompare.com provides one of the most comprehensive online car insurance comparison services in the UK as well as comparing home, motorbike, van insurance and breakdown cover. In March 2008, Gocompare.com won a Fast Growth Business Award. The judges complemented the management team for ‘an extremely well-executed business with a clear USP (unique selling point) and strong brand’.

Gocompare.com is authorised and regulated by the Financial Services Authority.

For more information http://www.gocompare.com/home-insurance

Lynsey Walden,
PR Manager GoCompare.com,
Unit 1,Imperial Courtyard,
Newport Gwent NP10 8UL
Phone: 01633 654055
email: Lynsey@gocompare.com
Website: http://www.gocompare.com/home-insurance

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