More than half of home & auto policyholders worry about being underinsured
Some 80% of policyholders said there are aspects of their home and auto policies that they want to learn more about or understand better.
Nearly 60% of home and auto policyholders are worried that they won’t have enough insurance coverage should they have to file a claim, according to a survey by VIU by HUB. Economic uncertainty and inflation are driving much of the concern around gaps in coverage.
Among policyholders that filed a claim in the past five years, 40% had an event where the policy did not respond as they had expected.
Some of this inability to meet expectations is because of confusion around what is and isn’t covered by a policy. Slightly more than 80% of policyholders said there are aspects of their home and auto policies that they want to learn more about or understand better.
“Consumers are right to be concerned about the possibility of coverage gaps, as the economy is changing quickly and many people are unknowingly underinsured,” Bryan Davis, executive vice president, head of VIU, said in a release. “Education and insight can help alleviate those concerns while the advice of an expert can ensure ideal coverage and protection.”
The survey also found that consumers might be too focused on cost when shopping for insurance, as 65% report price as being one of the top factors when comparing insurance options. This can lead to underinsurance as a chase for the lowest premium can often lead to inappropriate coverage choices.
Related: