50% of homeowners know "not much" about insurance

A new survey has revealed that 50 per cent of homeowners claim to know "not much at all" about contents insurance policies.

HomeInsurance.com conducted the survey and stressed how important it is for property owners to understand what their policies cover them for.

Carlos Lagomarsino, chief executive officer of HomeInsurance.com, said: "So often a homeowner will upgrade their home and never update their home insurance policy."

He added that this means that when something goes wrong they can find themselves with not enough money to replenish the goods they are claiming for.

Property owners were warned by the expert to take into account "deductibles" which if overlooked could see them in hot water.

Insurance provider Salaam Halal has advised this month that its selection of Islamic financial products, such as home contents cover, may appeal to a wide range of people and not just Muslim consumers.

Bradley Brendon-Cross, the company's chief executive, added that shariah law requires a policy that promotes risk and reward sharing, fairness and transparency and the sanctity of contracts, which all of his firm's policies offer.

Digg    Reddit    Facebook    Tweet This