A survey by Homeprotect found that only a fifth (19%) of Brits confirmed that they understood their policy when they took it out, whilst almost one in 10 (8%) said they only looked at price when comparing and assessing their options for cover.
Women were revealed to be more likely to conduct due diligence before purchasing, with a fifth (22%) saying they read and understood their policy compared to just 16% of men.
According to the data compiled by the specialist home insurance provider, only one in 10 Brits believe that they are covered for more than they need, 10% are confident they know their property rebuild cost and only 15% think they know the value of their belongings.
The findings from the survey raise concerns that households across the UK may be inadequately covered for their specific circumstances and requirements.
Homeprotect chief customer officer David Joyson said: “It’s often easy to focus on price when it comes to insurance products and be put off by what can seem like lengthy policy documents, but it’s really important to understand what you’re buying and make sure you have the right policy for your personal requirements.
“It is always best to shop around to get the best possible price, but it’s also vital to answer questions accurately and check what is and isn’t covered before purchasing. For example, failing to disclose your property’s proximity to a river or supplying the incorrect usage for a property – such as not disclosing a property is being used as a holiday let with paying guests – could mean that if you needed to make a claim, it might be rejected.
“Taking a small amount of time to ensure you have the right cover and checking your policy booklet can give you peace of mind and protect you from being left out of pocket should you be unfortunate enough to need to make a claim.”
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