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A quarter of over 50s do not trust home insurance firms

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Written by:
09/02/2016
A significant 25% of over 50s don't believe that home insurance companies will handle their claims fairly
A quarter of over 50s do not trust home insurance firms

Almost a quarter (24%) of those aged over 50 say they do not trust home insurance providers to handle their claims fairly, according to research from insurer SunLife.

And 13% of over 50s are so concerned about this that they refuse to pay for home contents insurance at all.

Simon Stanney, general insurance director at SunLife said it is shocking that some over 50s are willing to go without cover because they don’t trust the insurance companies.

He said: “It is worrying that as many as a quarter of over 50s don’t trust insurance companies and that some people are putting their homes at risk as a result.

“As an industry we need to be doing everything we can to make the process straightforward and affordable for our customers.”

Cost concerns

The research also found that of those over 50s without cover, more than a quarter (27%) say it is because of the cost. Home insurance is too expensive according to 17%, while another 17% reckon that the cost of premiums simply outweigh the risk. Almost a quarter (23%) say they don’t have enough contents to justify having cover.

Stanney added: “Despite the recent flooding – estimated to have caused up to £1.3billion1 worth of damage – almost one in 10 of those aged over 50 are putting their homes and possessions at risk by not having contents insurance.

“The latest figures from the ABI shows that the average flood contents claim was £50,000. If you didn’t have cover, could you afford to replace everything in your home if the worst happened?”

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