Home insurance renewal most confusing

According to research commissioned by Gocompare.com, home insurance renewals are most confusing.

The research showed that of all the documents people receive through the post their home insurance renewal documents are the hardest to understand.

Gas and electricity are the next most difficult to understand, with credit card and bank statements being the easiest.

By not checking these documents though and simply letting your home insurance renew, you could be missing out on saving money.

Also you could be opening yourself up to having incorrect home insurance as the new insurance may not meet your current needs.

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.’

She added ‘The automatic renewal process greatly benefits insurers by helping them to retain customers – often at higher premiums than they may offer to new customers.’

You can very easily get a home insurance quote from Gocompare and compare the insurance and prices offered by a range of insurance companies.